USDCAD Daily Analysis – Wednesday, Oct. 16

USDCAD remains in the downtrend from 1.3347, the bounce from 1.3170 is likely consolidation for the downtrend. Range trading between 1.3170 and 1.3260 would likely be seen in a couple of days.

Resistance is at 1.3260, as long as this level holds, the downtrend could be expected to resume and next target would be at 1.3100 area. Only break above 1.3260 resistance could signal completion of the downtrend.

USDCAD 4-hour chart

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