USD/CAD Daily Analysis – Wednesday, August 12

USD/CAD moved sideways in a trading range between 1.3233 and 1.3458. As long as the price is in the falling price channel on the 4-hour chart, the downside movement from 1.3715 could be expected to continue, and next target would be at 1.3150 area. Key resistance is at 1.3458, only break above this level could signal completion of the downtrend.

USDCAD 4-hour chart

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