USDCAD Daily Analysis – December 18, 2019

USDCAD remains in the downtrend from 1.3327, the bounce from 1.3114 is likely consolidation for the downtrend. As long as 1.3204 resistance holds, the downtrend could be expected to resume, further decline towards 1.3050 is possible after the consolidation. Only break above 1.3204 resistance could signal completion of the downtrend.

USDCAD 4-hour chart