USDCAD Daily Analysis – December 20, 2017

USDCAD pulled back from 1.2920 after touching 1.2916 (Oct 27 high) resistance. Near term support is at 1.2835, a breakdown below this level will indicate that lengthier sideways movement in the trading range between 1.2623 and 1.2920 is needed, then deeper decline towards 1.2713 support could be seen. Below this level could trigger further downside movement towards 1.2623. On the upside, a breakout of 1.2920 resistance could signal resumption of the uptrend from 1.2623, then next target would be at 1.3100 area.

USDCAD 4-hour chart