USDCAD Daily Analysis – November 16, 2017

USDCAD extended its short term uptrend from 1.2666 to as high as 1.2789, facing a resistance level at 1.2819. A breakout of this level could take price to next resistance level at 1.2916, followed by 1.3100. Near term support is at the rising trend line on the 4-hour chart, only a breakdown below the trend line could bring price back to test 1.2666 support. Below this level could signal resumption of the downtrend from 1.2916, then the pair would find next support level at 1.2570, followed by 1.2433.

USDCAD 4-hour chart