USDCAD Weekly Analysis – October 7, 2018

USDCAD extended its downside movement from 1.3385 to as low as 1.2782, breaking below 1.2887 support. As long as the price is below the bearish trend line on the daily chart, the downside movement could be expected to continue and next target would be at 1.2650 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

USDCAD daily chart