USDCAD Weekly Analysis – April 24, 2016

USDCAD’s downward movement from 1.4689 extended to as low as 1.2592. Further decline could be expected over the next several weeks, and next target would be at 1.2000 area. Resistance is at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.

usdcad chart