USDCAD Daily Analysis – October 17, 2016

Being contained by the support of the price channel on 4-hour chart, USDCAD rebounded from 1.3101, indicating that the pair remains in uptrend from 1.2822. Further rise could be expected in a couple of days, and the target would be at 1.3350 area. On the downside, a clear break below the channel support will indicate that the uptrend had completed at 1.3313 already, then deeper decline to 1.2800 area could be seen.

usdcad chart