USDCAD Daily Analysis – October 4, 2017

USDCAD extended its upside movement from 1.2061 to as high as 1.2538. As long as the price is above the bullish trend line on the 4-hour chart, the uptrend could be expected to continue and next target would be at 1.2700 area. Key support is at 1.2416, only a breakdown below this level could indicate that the upside movement had completed at 1.2538 already, then the following downside move could take price back towards 1.2061 previous low.

USDCAD 4-hour chart