USDCAD Daily Analysis – March 12, 2014

USDCAD moved sideways in a trading range between 1.0910 and 1.1224. Support is at 1.0955, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 1.0182 (Sept 19, 2013 low), one more rise to 1.1500 area is still possible after consolidation. Resistance is at 1.1192, a break above this level will signal resumption of the uptrend. However, a breakdown below 1.0955 support will indicate that the uptrend from 1.0182 had completed at 1.1224 already, then the following downward movement could bring price back to 1.0700 zone.

usdcad chart