USDCAD Daily Analysis – December 18, 2013

USDCAD is forming a sideways consolidation in a range between 1.0561 and 1.0707. Key support is at 1.0561, as long as this level holds, the uptrend from 1.0182 (Sep 19 low) could be expected to resume, and another rise towards 1.1000 is still possible. On the downside, a breakdown below 1.0561 will indicate that lengthier consolidation of the uptrend is underway, then deeper decline to 1.0500 area to complete the consolidation could be seen.

usdcad daily chart