USDCAD Weekly Analysis – December 3, 2017

USDCAD moved sideways in a narrow range between 1.2666 and 1.2916 after breaking below the rising trend line on the daily chart. As long as 1.2666 support holds, the sideways movement could be treated as consolidation of the uptrend from 1.2061, and another rise towards 1.3200 is still possible after the consolidation. On the downside, a breakdown below 1.2666 support will indicate that the uptrend had completed at 1.2916 already, then the pair would find next support level at 1.2433, followed by 1.2061.

USDCAD daily chart