USDCAD Weekly Analysis – January 12, 2020

USDCAD remains in the downtrend from 1.3327, the bounce from 1.2951 is likely consolidation for the downtrend. As long as 1.3110 resistance holds, the downtrend could be expected to resume, and further decline to 1.2800 area is possible after the consolidation. On the upside, a breakout of 1.3110 resistance would indicate that the downtrend had completed at 1.2951 already, then another rise towards 1.3300 could be seen.

USDCAD daily chart