USDCAD formed a sideways consolidation above 1.3849 support.

Another fall to test 1.3849 support would likely be seen, a breakdown below could take the price to 1.3700 area.

Near term resistance is at 1.3980, above this level could trigger another rise towards the falling trend line on the 4-hour chart.

Editor’s Note: Equity investors/traders can use the CurrencyShares Canadian Dollar Trust (FXC, quote) ETF to take positions in the euro without a FOREX account.  The ETF looks to track the price of the Canadian Dollar (USDCAD), minus ETF fee. The fund seeks to reflect the price of the Canadian Dollar with the shares representing a cost-effective investment relative to investing in the FOREX market.

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