USDCAD Daily Analysis – October 4, 2018

USDCAD’s bounce from 1.2782 extended to as high as 1.2884. However the bounce is likely consolidation for the downtrend from 1.3081. Another fall is possible after the consolidation and a breakdown below 1.2782 support could trigger further downside movement to 1.2700 area. Resistance is at 1.2930, only a breakout of this level could signal completion of the downtrend.

USDCAD 4-hour chart