USDCAD Daily Analysis – January 8, 2020

USDCAD broke above 1.3007 resistance, suggesting that lengthier consolidation for the downtrend from 1.3327 is underway. Further rally is possible in a couple of days and the target would be at the bearish trend line on the 4-hour chart. However, as long as the trend line resistance holds, the downtrend could be expected to resume, one more fall to 1.2900 area is possible after the consolidation.

USDCAD 4-hour chart