USDCAD Daily Analysis – March 13, 2014

USDCAD’s upward movement from 1.0955 extended to as high as 1.1153. Further rise to test 1.1192 resistance could be expected, a break above this level could signal resumption of the longer term uptrend from 1.0182 (Sept 19, 2013 low), then next target would be at 1.1500 area. Support is at 1.1065, only break below this level will indicate that lengthier sideways movement in the trading range between 1.0910 and 1.1224 is underway, then deeper decline to 1.1000 area could be seen.

usdcad chart