USDCAD Daily Analysis – December 29, 2017

USDCAD broke below 1.2623 support and extended its downside movement from 1.2920 to as low as 1.2556. Further decline is still possible and next target would be at 1.2433. Near term resistance is at the falling trend line on the 4-hour chart. Only a clear break above the trend line resistance could indicate that the downtrend is complete, then further rally to 1.2800 area could be seen.

USDCAD 4-hour chart