USDCAD Daily Analysis – January 15, 2018

USDCAD remains in the downtrend from 1.2920, the bounce from 1.2355 is likely consolidation of the downtrend. Range trading between 1.2355 and 1.2590 would likely be seen in a couple of days. Further decline could be expected after the consolidation and a breakdown below 1.2355 support could take price to 1.2200 area. Only a breakout of 1.2590 resistance could signal completion of the downtrend.

USDCAD 4-hour chart