USD/CAD Weekly Analysis – Sunday, Jan.13

USD/CAD extended its downside movement from 1.3664 to the 1.3180 area, breaking below the bullish support trend line on the daily chart, indicating that the upside movement from 1.2782 had completed at 1.3664 already.

A further decline would likely be seen after a minor consolidation and next target would be at 1.3000 area. Resistance is at 1.3325 and  above this level could bring the price back to the 1.3400 zone.

USDCAD daily chart

 

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