USDCAD Daily Analysis – December 5, 2019

USDCAD dropped sharply to 1.3180 area, breaking below the bullish trend line on the 4-hour chart, suggesting that the upside movement from 1.3041 had completed at 1.3327 already. Further decline could be expected after a minor consolidation and next target would be at 1.3100 area. Near term resistance is at 1.3230, as long as this level holds, the downtrend will continue.

USDCAD 4-hour chart