USDCAD Daily Analysis – October 23, 2019

USDCAD stays below a bearish trend line on the 4-hour chart and remains in the downtrend from 1.3347. As long as the trend line resistance holds, the bounce from 1.3070 could be treated as consolidation for the downtrend, further decline towards 1.3000 is still possible. On the upside, a breakout of the trend line resistance would suggest that lengthier consolidation for the downtrend is needed, then the pair would find next resistance level at around 1.3160.

USDCAD 4-hour chart