USDCAD Weekly Analysis – October 4, 2015

USDCAD is forming a sideways consolidation in a range between 1.3011 and 1.3456. As long as 1.3011 support holds, the uptrend from 1.1919 could be expected to resume, and further rise to 1.4000 area is possible after consolidation. On the downside, a breakdown below 1.3011 support will indicate that lengthier consolidation for the long term uptrend from 0.9406 (Jul 26, 2011 low) is underway, then deeper decline to 1.2500 area could be seen.

usdcad chart