USDCAD Weekly Analysis – April 27, 2014

USDCAD is in downtrend from 1.1278, the bounce from 1.0857 could be treated as consolidation of the downtrend. Near term resistance is at 1.1100, as long as this level holds, the downtrend could be expected to resume, and next target would be at 1.0700 area. Key resistance is at 1.1278, only break above this level could trigger another rise towards 1.1500.

usdcad chart