USDCAD Daily Analysis – Tuesday, Oct. 16


USDCAD broke below the bullish trend line on the 4-hour chart, suggesting that lengthier consolidation for the uptrend from 1.2782 is needed. Range trading between 1.2926 and 1.3071 would likely be seen in a couple of days.

However, as long as 1.2926 support holds, the uptrend could be expected to resume, and another rise towards 1.3200 is possible after the consolidation.

Only a breakdown below 1.2926 support could signal completion of the uptrend.

USDCAD 4-hour chart

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