USDCAD Weekly Analysis – March 27, 2016

USDCAD remains in downtrend from 1.4689, the bounce from 1.2923 is likely consolidation of the downtrend. Resistance is at 1.3450, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.2500 area. On the upside, a break of 1.3450 resistance will indicate that the downtrend had completed at 1.2923 already, then the following upward movement could bring price to 1.4300 area.

usdcad chart