USDCAD Daily Analysis – January 7, 2020

USDCAD moved sideways in a trading range between 1.2951 and 1.3007. As long as 1.3007 resistance holds, the downtrend from 1.3327 could be expected to continue and next target would be at 1.2900 area. On the upside, a breakout of 1.3007 resistance would indicate that lengthier consolidation for the downtrend is needed, then further rally towards the falling trend line could be seen.

USDCAD 4-hour chart