USDCAD Daily Analysis – January 30, 2018

USDCAD moved sideways in a trading range between 1.2281 and 1.2391. The sideways move is likely consolidation of the downtrend from 1.2590. Further decline would likely be seen and a breakdown below 1.2281 support could take price to 1.2200 area. The key resistance is located at the falling trend line on the 4-hour chart, only a clear break above the trend line resistance could bring price back into 1.2500 zone.

USDCAD 4-hour chart