USDCAD Weekly Analysis – January 26, 2020

USDCAD’s bounce from 1.2951 extended to as high as 1.3170. Further rise would likely be seen next week and the target would be at the top of the price channel on the daily chart. On the downside, as long as the channel resistance holds, the bounce would possibly be consolidation for the downtrend from 1.3382, another fall towards 1.2800 is still possible after the consolidation.

USDCAD daily chart