USDCAD Weekly Analysis – January 24, 2016

USDCAD broke below the upward trend line on daily chart, indicating that the uptrend from 1.2831 had completed at 1.4689 already. Range trading between 1.3800 and 1.4689 could be seen over the next several weeks. Key support is at 1.3800, as long as this level holds, the fall from 1.4689 could be treated as consolidation of the long term uptrend from 0.9406 (Jul 26, 2011 low), one more rise towards 1.5000 is still possible after consolidation.

usdcad chart