USDCAD Daily Analysis – October 26, 2017

USDCAD extended its upside movement from 1.2450 to as high as 1.2816, breaking above an important resistance at 1.2778 (Aug 15 high). Near term support is at the rising trend line on the 4-hour chart. As long as the trend line support holds, the uptrend could be expected to continue and next target would be at 1.2950 area. On the downside, a clear break below the trend line support will indicate that the uptrend is complete, then the pair would find support at 1.2570.

USDCAD 4-hour chart