USDCAD Daily Analysis – March 5, 2014

USDCAD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.1192. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.0980 area. On the upside, a clear break above the trend line resistance will signal resumption of the longer term uptrend from 1.0182 (Sept 19, 2013 low), then next target would be at 1.1300 area.

usdcad chart