USDCAD Daily Analysis – December 11, 2017

USDCAD continued its upside movement from 1.2623 and the rise extended to as high as 1.2879. Further rise to test 1.2916 resistance is possible in the coming days. A breakout of this level could signal resumption of the uptrend from 1.2061 (Sep 8 low), then next target would be at 1.3100 area. Near term support is at 1.2790, only a breakdown below this level will indicate that lengthier sideways movement in a range between 1.2623 and 1.2916 is needed, then another fall towards 1.2623 could be seen.

USDCAD 4-hour chart