USD/CAD Daily Analysis – Monday, Jan. 21

USD/CAD moved sideways in a trading range between 1.3179 and 1.3322. The sideways movement is likely consolidation for the downtrend from 1.3664. As long as 1.3322 resistance holds, the downtrend could be expected to resume and further decline to 1.3100 area is still possible. Key resistance is at 1.3400, only a break of this level could signal completion of the downtrend.

USDCAD 4-hour chart

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