USDCAD Daily Analysis – December 8, 2017

USDCAD’s bounce from 1.2623 extended to as high as 1.2868. Further rise to test 1.2916 resistance would likely be seen. A breakout of this level will confirm that the uptrend from 1.2061 (Sep 8 low) has resumed, then next target would be at 1.3100 area. Near term support is at 1.2790, only a breakdown below this level could take price back towards 1.2632. Below this level could trigger another downside movement towards 1.2400.

USDCAD 4-hour chart