USDCAD Daily Analysis – Wednesday, Dec. 5

USDCAD broke above 1.3250 resistance, suggesting that the short term downtrend from 1.3359 had completed at 1.3159 already.

Further rise could be expected and next target would be at 1.3350 area.

Support is at 1.3159, only a breakdown below this level would confirm that the upside movement from 1.2782 (Oct 1 low) is complete.

USDCAD 4-hour chart

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