USDCAD Weekly Analysis – May 25, 2014

USDCAD remains in downtrend from 1.1278, the rise from 1.0813 could be treated as consolidation of the downtrend. Key resistance is at 1.1053, as long as this level holds, the downtrend could be expected to resume, and next target would be at 1.0650 area. Support is at 1.0813, a breakdown below this level could signal resumption of the downtrend. On the upside, a break above 1.1053 resistance will signal completion of the downtrend, then the following upward movement could bring price to 1.1500 area.

usdcad chart