USDCAD Weekly Analysis – December 14, 2013

USDCAD stays in a upward price channel on daily chart, and remains in uptrend from 1.0182, the fall from 1.0707 could be treated as consolidation of the uptrend. Support is at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.1000 is still possible. On the downside, a clear break below the channel support will indicate that the uptrend from 1.0182 had completed at 1.0707 already, then the following downward movement could bring price back to 1.0300 zone.

usdcad daily chart