USD/CAD Daily Analysis – Thursday, Jan. 17

USD/CAD continued its sideways movement in the trading range between 1.3179 and 1.3322. As long as 1.3322 resistance holds, the sideways movement could be treated as consolidation for the downtrend from 1.3664, and further decline to 1.3100 area is possible after the consolidation. 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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