USDCAD Daily Analysis – March 31, 2014

USDCAD remains in downtrend from 1.1278, the rise from 1.1000 would possibly be consolidation of the downtrend. Key resistance is at 1.1100, as long as this level holds, the downtrend could be expected to resume, and next target would be at 1.0950 area. On the upside, a break above 1.1100 resistance will indicate that the downtrend from 1.1278 had completed at 1.1000 already, then the following upward movement could bring price to 1.1500 zone.

usdcad chart