USDCAD Daily Analysis – December 4, 2014

USDCAD moved sideways in a trading range between 1.1313 and 1.1458. As long as 1.1313 support holds, another rise to test 1.1466 resistance could be expected, a break of this level will signal resumption of the uptrend from 1.0619 (Jul 3 low), then next target would be at 1.1600 area. However, a breakdown below 1.1313 support will indicate that lengthier consolidation for the uptrend is needed, then deeper decline to 1.1200 area could be seen.

usdcad chart