USDCAD Daily Analysis – October 31, 2017

USDCAD remains in the uptrend from 1.2450, the fall from 1.2916 is likely consolidation of the uptrend. Near term support is at the bullish trend line on the 4-hour chart, followed by 1.2780. As long as the price is above the trend line, the upside movement could be expected to continue and a breakout of 1.2916 resistance could trigger another rise towards 1.3100. On the downside, a breakdown below 1.2780 support will indicate that lengthier consolidation for the uptrend from 1.2061 is underway, then deeper decline to 1.2600 area could be seen.

USDCAD 4-hour chart