USDCAD Daily Analysis – December 27, 2013

USDCAD rebounded from the lower line of the price channel on 4-hour chart, suggesting hat the pair remains in uptrend from 1.0182 (Sept 19 low), and the price action from 1.0707 could be treated as consolidation of the uptrend. As long as the channel support holds, another rise towards 1.1000 could be expected after consolidation. However, a clear break below the channel support will indicate that the uptrend from 1.0182 had completed at 1.0737 already, then the following downward movement could bring price back to 1.0500 zone.

usdcad chart