USDCAD Daily Analysis – October 10, 2016

USDCAD’s upward movement from 1.3047 extended to as high as 1.3313. Support is located at the bottom of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.3400 area. On the downside, a clear break below the channel support will indicate that the uptrend had completed at 1.3313 already, then the following downward movement could bring price back to 1.3000 zone.

usdcad chart