USDCAD Daily Analysis – January 20, 2020

USDCAD failed to break below 1.3028 support and moved sideways in a trading range between 1.3028 and 1.3079. As long as 1.3079 resistance holds, the sideways movement could be treated as consolidation for the downtrend from 1.3104, a breakdown below 1.3028 support could take the price to 1.2950 area. On the upside, a breakout of 1.3079 resistance would indicate that the uptrend from 1.2951 has resumed, then another rise towards 1.3150 could be seen.

USDCAD 4-hour chart