USDCAD Daily Analysis – March 26, 2018

USDCAD extended its downside movement from 1.3124 to as low as 1.2823, facing a key support level at 1.2803. A breakdown below this level would suggest that the uptrend from 1.2247 (Jan 31 low) had completed at 1.3124 already, then deeper decline towards 1.2650 support could be seen. Near term resistance is at 1.2948, a breakout of this level would indicate that the fall from 1.3124 is complete, then further rise towards 1.3124 resistance could be seen.

USDCAD 4-hour chart