USDCAD Daily Analysis – September 17, 2018

USDCAD is facing the resistance of the price channel on the 4-hour chart. As long as the channel resistance holds, the bounce from 1.2975 could be treated as consolidation for the downtrend from 1.3226 and further decline towards 1.2887 support could be expected after the consolidation. Only a clear break above the channel resistance could signal completion of the downtrend.

USDCAD 4-hour chart