USDCAD Daily Analysis – January 10, 2020

USDCAD’s upside movement from 1.2951 extended to as high as 1.3104. As long as the price is in the rising price channel on the 4-hour chart, the upside movement could be expected to continue and next target would be at 1.3150 area. On the downside, a breakdown below the channel support would indicate that the upside movement had completed at 1.2951 already, then another fall towards 1.2900 could be seen.

USDCAD 4-hour chart