USDCAD Weekly Analysis – January 8, 2017

USDCAD stays in the upward price channel on daily chart, and remains in uptrend from 1.2460. As long as the channel support holds, the price action from 1.3588 could be treated as consolidation of the uptrend. Further rise could be expected after consolidation and next target would be at 1.3800 area. Only a clear break below the channel support could signal completion of the uptrend.

usdcad chart