USDCAD Daily Analysis – January 19, 2018

USDCAD is in consolidation of the downtrend from 1.2920. Range trading between 1.2355 and 1.2590 could be expected to continue over the next several days. Near term support is at 1.2355, a breakdown below this level will indicate that the downtrend has resumed, then next target would be at 1.2200 area. Key resistance is at 1.2590, only a breakout of this level could signal completion of the downtrend.

USDCAD 4-hour chart