USDCAD Daily Analysis – January 9, 2020

USDCAD is in consolidation for the downtrend from 1.3327. Further rally is still possible 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, another fall towards 1.2900 would likely be seen after the consolidation.

USDCAD 4-hour chart