USDCAD Daily Analysis – January 17, 2018

USDCAD is in consolidation of the downtrend from 1.2920. Range trading between 1.2355 and 1.2590 would likely be seen over the next several days. As long as 1.2590 resistance holds, the downtrend could be expected to resume and a breakdown below 1.2355 support could trigger further downside movement towards 1.2200. Only a breakout of 1.2590 resistance could signal completion of the downtrend.

USDCAD 4-hour chart