USDCAD Daily Analysis – April 11, 2014

USDCAD remains in downtrend from 1.1278, the rise from 1.0857 is likely consolidation of the downtrend. Resistance is located at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and next target would be at 1.0750 area. Only a clear break above the channel resistance could signal completion of the downtrend.

usdcad chart