USDCAD Weekly Analysis – December 10, 2017

USDCAD continued its sideways movement in a trading range between 1.2623 and 1.2916. As long as 1.2623 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.2061, and a breakout of 1.2916 resistance could trigger further upside movement towards 1.3200. On the downside, a breakdown below 1.2623 support could signal completion of the uptrend, then the pair would find next support at 0.2433, followed by 1.2061.

USDCAD daily chart