USDCAD Daily Analysis – January 16, 2015

USDCAD broke below the bottom of the price channel on 4-hour chart, indicating that consolidation of the uptrend from 1.1191 (Nov 21, 2014 low) is underway. Range trading between 1.1750 and 1.2017 would likely be seen over the next several days. Resistance is at 1.2017, only break above this level could trigger another rise towards 1.2500.

usdcad chart