USDCAD Daily Analysis – October 16, 2017

USDCAD is now in downtrend from 1.2598. Further decline would likely be seen in the coming days. The pair is expected to test 1.2433 support, below this level could signal resumption of the downtrend, then next target would be at 1.2300, followed by 1.2061. resistance levels are at 1.2530 and 1.2598, only break above these levels could trigger another rise towards 1.2750.

USDCAD 4-hour chart