USDCAD Daily Analysis – March 6, 2014

USDCAD continues its downward movement from 1.1192, and the fall extends to as low as 1.1025. Deeper decline is still possible, and next target would be at 1.0970 area. Resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

usdcad chart