USDCAD Daily Analysis – October 11, 2017

USDCAD broke below the bottom of the price channel on the 4-hour chart. Further fall to test 1.2448 support would likely be seen. Below this level would indicate that the upside movement from 1.2061 had completed at 1.2598 already. Then the following downside movement could bring price back towards 1.2061 previous low. However, as long as 1.2448 support holds, the fall from 1.2598 could be treated as consolidation of the uptrend, and another rise towards 1.2750 is still possible after the consolidation.

USDCAD 4-hour chart