USDCAD Weekly Analysis – December 24, 2017

After touching 1.2916 resistance, USDCAD pulled back from 1.2920 and continued its sideways movement above 1.2623 key support. As long as 1.2623 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 1.2623 support could take price back to next support level at 1.2433. Below this level would aim 1.2061 previous low.

USDCAD daily chart