USDCAD Daily Analysis – October 16, 2018

USDCAD broke below the bullish trend line on the 4-hour chart, suggesting that lengthier consolidation for the uptrend from 1.2782 is needed. Range trading between 1.2926 and 1.3071 would likely be seen in a couple of days. However, as long as 1.2926 support holds, the uptrend could be expected to resume, and another rise towards 1.3200 is possible after the consolidation. Only a breakdown below 1.2926 support could signal completion of the uptrend.

USDCAD 4-hour chart