USDCAD Daily Analysis – January 18, 2019

USDCAD failed to break above 1.3322 resistance and stays in a trading range between 1.3179 and 1.3322. As long as 1.3322 resistance holds, the price action in the trading range could be treated as consolidation for the downtrend from 1.3664, a breakdown below 1.3179 support could trigger further downside movement towards 1.3100. Key resistance is at 1.3400, only a break of this level could signal completion of the downtrend.

USDCAD 4-hour chart