USDCAD Daily Analysis – October 9, 2018

USDCAD failed to break above the falling trend line on the 4-hour chart and pulled back from 1.3009. Near term support is at 1.2920, as long as this level holds, another rise to test the trend line resistance is still possible and a breakout could take the price to 1.3100 area. On the downside, a breakdown below 1.2920 support would suggest that the upside movement from 1.2782 had completed at 1.3009 already, then another fall towards 1.2800 could be seen.

USDCAD 4-hour chart