USDCAD Daily Analysis – December 6, 2019

USDCAD’s downside movement from 1.3320 extended to as low as 1.3158. Further decline is still possible after a minor consolidation and next target would be at 1.3100 area. Near term resistance is at 1.3190, above this level would indicate that consolidation for the downtrend is underway, then range trading between 1.3158 and 1.3230 could be seen.

USDCAD 4-hour chart