USD/CAD Daily Analysis – Wednesday, August 21

After touching 1.3344 resistance, USD/CAD pulled back to 1.3300 area, suggesting that lengthier consolidation for the uptrend from 1.3015 is needed. Deeper decline would likely be seen in the coming days and the target would be at the rising trend line on the 4-hour chart. On the upside, a breakout of 1.3344 resistance would indicate that the uptrend has resumed, then next target would be at 1.3400 area.

USDCAD 4-hour chart

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