USDCAD Daily Analysis – Tuesday, Dec. 4

USDCAD broke below the bottom support trend line of the price channel on the 4-hour chart, suggesting that the upside movement from 1.2782 (Oct 1 low) had completed at 1.3359 already.

Further decline could be expected in the coming days and next target would be at 1.3100 area. Resistance is at 1.3250, as long as this level holds, the downtrend from 1.3359 will continue.

USDCAD 4-hour chart

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