USDCAD Daily Analysis – October 10, 2018

USDCAD failed in its attempts to break above the falling trend line on the 4-hour chart and pulled back to 1.2930 area, suggesting that corrective consolidation for the uptrend from 1.2782 is underway. Deeper decline would likely be seen and the target would be at 1.2890 area. On the upside, as long as 1.2890 support holds, another rise to test the trend line resistance is still possible.

USDCAD 4-hour chart