USDCAD Daily Analysis – November 7, 2017

USDCAD is now in short term downtrend from 1.2916. Deeper decline is still possible after a minor consolidation and next target would be at the bullish trend line on the daily chart now at around 1.2625. Near term resistance is at the falling trend line on the 4-hour chart, only a clear break above the trend line resistance could take price back towards 1.2916 previous high.

USDCAD 4-hour chart