USDCAD Daily Analysis – Tuesday, Oct. 31

Analyst and Forex Trader • Oct 31, 2017 at 5:32 AM EDT

USDCAD remains in the uptrend from 1.2450, the fall from 1.2916 is likely consolidation of the uptrend.

Near-term support is at the bullish trend line on the 4-hour chart, followed by 1.2780. As long as the price is above the trend line, the upside movement could be expected to continue and a breakout of 1.2916 resistance could trigger another rise towards 1.3100.

On the downside, a breakdown below 1.2780 support will indicate that lengthier consolidation for the uptrend from 1.2061 is underway, then deeper decline to 1.2600 area could be seen.

USDCAD 4-hour chart

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