USDCAD Daily Analysis – January 27, 2020

USDCAD extended its upside movement from 1.2951 to as high as 1.3171. As long as 1.3117 support holds, the upside movement could be expected to continue and next target would be at 1.3240 area. On the downside, a breakdown below 1.3117 support would indicate that lengthier consolidation for the uptrend is underway, then deeper decline towards the rising trend line on the 4-hour chart could be seen.

USDCAD 4-hour chart