USDCAD Daily Analysis – October 6, 2016

USDCAD is in downtrend from 1.3280, the rise from 1.3047 would possibly be correction of the downtrend. As long as 1.3280 resistance holds, the downtrend could be expected to resume, and another fall towards 1.3000 is possible. On the upside, a break of 1.3280 resistance will indicate that the uptrend from 1.2763 (Aug 18 low) has resumed, then next target would be at 1.3500 area.

usdcad chart