USDCAD Analysis – November 3, 2013

USDCAD is facing the resistance of the downward trend line on daily chart, as long as the trend line resistance holds, the rise from 1.0182 could be treated as consolidation of the downtrend from 1.0608, one more fall towards 1.0000 is still possible. On the upside, a clear break above the trend line resistance will indicate that the downward movement from 1.0608 had completed at 1.0182 already, then the following upward movement could bring price to 1.1000 zone.

usdcad daily chart