USDCAD Daily Analysis – November 3, 2017

USDCAD moved sideways in a trading range between 1.2780 and 1.2916. As long as 1.2780 support holds, the sideways movement could be treated as consolidation of the uptrend from 1.2433, and another rise towards 1.3100 could be expected after the consolidation. Resistance is at 1.2916, a breakout of this level could signal resumption of the uptrend. On the downside, a breakdown below 1.2780 support will suggest that the uptrend had completed at 1.2916 already, then the pair would find next support at 1.2600 area.

USDCAD 4-hour chart