USDCAD Daily Analysis – March 17, 2014

USDCAD failed to break above 1.1192 resistance and pulled back from 1.1153, suggesting that lengthier sideways movement is underway. Deeper decline would likely be seen, and the target would be at 1.0990 area. Key support is at 1.0955, as long as this level holds, the price action from 1.1224 (Jan 31 high) could be treated as consolidation of the uptrend from 1.0182 (Sept 19, 2013 low), another rise to towards 1.1500 could be expected after consolidation.

usdcad chart