USDCAD Daily Analysis – January 14, 2019

USDCAD’s bounce from 1.3179 extended to as high as 1.3278. Further rally is still possible and the target would be at 1.3322 resistance. As long as 1.3322 resistance holds, the bounce could be treated as consolidation for the downtrend from 1.3664, a breakdown below 1.3179 support could trigger another fall towards 1.3100. On the upside, a break of 1.3322 resistance would indicate that the downside move had completed at 1.3179 already, then the pair would find next resistance at around 1.3450.

USDCAD 4-hour chart