USD/CAD Daily Analysis – Friday, August 3

USD/CAD remains in the downtrend from 1.3289. As long as the price is below the falling trend line on the 4-hour chart, the bounce from 1.2975 could be treated as consolidation for the downtrend, and another fall towards 1.2900 is possible after the consolidation. On the upside, a break of the falling trend line could bring the price back to test 1.3096 key resistance, only a break of this level could signal completion of the downtrend.

USDCAD 4-hour chart

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