USDCAD Weekly Analysis – April 17, 2016

USDCAD remains in downtrend from 1.4689, and the downward movement extended to as low as 1.2744. Near term resistance is at the top of the price channel on daily chart, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.2500 area. Key resistance is at 1.3296, only break above this level could signal completion of the downtrend.

usdcad chart