USDCAD Weekly Analysis – December 31, 2017

USDCAD broke below 1.2623 support, indicating that the upside movement from 1.2061 had completed at 1.2916 already. Deeper decline to test 1.2433 support could be seen next week. A breakdown below this level could trigger further downside movement towards 1.2061 previous low. Near term resistance is at 1.2700, only break above this level could bring price back towards 1.2916 resistance.

USDCAD daily chart