USDCAD Weekly Analysis – April 6, 2014

USDCAD moved sideways in a range between 1.0910 and 1.1278. As long as 1.0910 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.0182. Another rise is still possible after consolidation, and a break above 1.1100 resistance could signal resumption of the uptrend. On the downside, a breakdown below 1.0910 support will indicate that the uptrend from 1.0182 had completed at 1.1278 already, then the following downward movement could bring price back to 1.0000 zone.

usdcad chart