USDCAD Weekly Analysis – March 16, 2014

USDCAD continued its sideways movement in a range between 1.0910 and 1.1224. Key support is at 1.0910, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 1.0182, one more rise to 1.1500 area is still possible after consolidation. On the downside, a breakdown below 1.0910 support will signal completion of the uptrend, then the following downward movement could bring price back to 1.0700 area.

usdcad chart