USDCAD Weekly Analysis – January 7, 2018

USDCAD extended its downside movement from 1.2920 to as low as 1.2355, breaking below 1.2433 support. Further decline would likely be seen in a couple of weeks and next target would be at 1.2061 support. Near term resistance is at 1.2500, only break above this level will suggest that correction of the downtrend is underway, then further rally to 1.2700 area could be seen.

USDCAD daily chart