USDCAD Daily Analysis – Thursday, Oct. 4

USDCAD’s bounce from 1.2782 extended to as high as 1.2884. However, the bounce is likely consolidation for the downtrend from 1.3081.

Another fall is possible after the consolidation and a breakdown below 1.2782 support could trigger further downside movement to 1.2700 area. Resistance is at 1.2930, only a breakout of this level could signal completion of the downtrend.