USDCAD Daily Analysis – January 3, 2018

USDCAD stays below a bearish trend line on the 4-hour chart and remains in downtrend from 1.2920. As long as the trend line resistance holds, the downtrend could be expected to continue and next target would be at 1.2400 area. Near term resistance is at the trend line and the key resistance is at 1.2600, only break above this level could signal completion of the downtrend.

USDCAD 4-hour chart