USDCAD Daily Analysis – March 1, 2019

USDCAD failed to break below 1.3112 support and stayed in a trading range between 1.3112 and 1.3241. As long as 1.3241 resistance holds, the price action in the range could be treated as consolidation for the downtrend from 1.3339, further decline to 1.3000 area is still possible after the consolidation. Only a break of 1.3241 resistance could signal completion of the downtrend.

USDCAD 4-hour chart