USDCAD Daily Analysis – January 21, 2020

USDCAD continued its sideways movement in a trading range between 1.3028 and 1.3079. The price action in the range is likely consolidation for the downtrend from 1.3104, further decline to 1.2950 area is possible after the consolidation. Near term resistance is at 1.3079, above this level could trigger another rise towards 1.3150.

USDCAD 4-hour chart