USDCAD Daily Analysis – October 6, 2017

USDCAD broke above 1.2538 resistance and extended its bullish movement from 1.2061 to as high as 1.2584. As long as the price is in the rising price channel on the 4-hour chart, the uptrend could be expected to continue and next target would be at the top trend line of the channel. Key support is at 1.2416, only a breakdown below this level could signal completion of the uptrend.

USDCAD 4-hour chart