USDCAD Weekly Analysis – December 29, 2013

USDCAD stays within a upward price channel on daily chart, and remains in uptrend from 1.0182, the price action in the trading range between 1.0561 and 1.0737 could be treated as consolidation of the uptrend. Key support is at 1.0561, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.1000 is still possible. Only a breakdown below 1.0561 support could signal completion of the uptrend.

usdcad chart