USDCAD Daily Analysis – October 28, 2019

USDCAD’s downside movement from 1.3347 extended to as low as 1.3052. As long as the price is in the bearish channel on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.3000 area. Key resistance is at 1.3122, only break above this level could signal completion of the downtrend.

USDCAD 4-hour chart