USDCAD Daily Analysis – March 7, 2014

USDCAD’s downward movement from 1.1192 extended to as low as 1.0955. Deeper decline is still possible, and next target would be at 1.0900 area. Key resistance is located 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