USDCAD Daily Analysis – November 20, 2014

USDCAD is facing the resistance of the downward trend line on 4-hour chart. A clear break above the trend line resistance will signal completion of the downtrend from 1.1466, then the following upward movement could bring price to 1.1600 zone. On the downside, as long as the trend line resistance holds, the rise from 1.1260 would possibly be consolidation of the downtrend, another fall to 1.1200 area is still possible.

usdcad chart