USDCAD Daily Analysis – November 6, 2017

USDCAD broke below 1.2780 support, indicating that lengthier consolidation for the uptrend from 1.2061 (Sep 8 low) is underway. Range trading between 1.2600 and 1.2916 would likely be seen in the coming days. As long as 1.2600 support holds, the uptrend could be expected to resume and another rise towards 1.3100 is still possible after the consolidation. Near term resistance is at 1.2835, above this level could see the price continue to rise towards 1.2916. Above this level could signal resumption of the uptrend.

USDCAD 4-hour chart