USDCAD Daily Analysis – October 9, 2017

USDCAD’s uptrend from 1.2061 extended to as high as 1.2598. 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 1.2700 area. Key support is now at 1.2448, only a breakdown below this level would indicate that the uptrend had completed at 1.2598 already, this could trigger a downside movement towards 1.2061 previous low.

USDCAD 4-hour chart