USDCAD Daily Analysis – December 23, 2013

USDCAD remains in uptrend from 1.0182 (Sep 19 low), the price action from 1.0707 could be treated as consolidation of the uptrend. Deeper decline would likely be seen in a couple of days, and the target would be at the lower line of the price channel on 4-hour chart. As long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.1000 is still possible. Only a clear break below the channel support could signal completion of the uptrend.

usdcad chart