USDCAD Daily Analysis – March 18, 2014

USDCAD is forming a triangle pattern on 4-hour chart. Deeper decline would likely be seen, and the target would be at the bottom of the triangle pattern. Key support is at 1.0955, as long as this level holds, the price action in the pattern could be treated as consolidation of the uptrend from 1.0182 (Sept 19, 2013 low), one more rise towards 1.1500 is still possible after consolidation. Key resistance is at 1.1153, a break above this level will signal resumption of the uptrend.

usdcad chart