USDCAD Daily Analysis – Wednesday, Jan. 16

USDCAD moved sideways in a trading range between 1.3179 and 1.3322.

The sideways movement is likely consolidation for the downtrend from 1.3664, another fall towards 1.3100 is still 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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