USDCAD Daily Analysis – April 18, 2018

USDCAD broke below 1.2544 support and extended its downside movement from 1.2943 to as low as 1.2526. As long as the price is below the falling trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.2450 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

USDCAD 4-hour chart