USDCAD Weekly Analysis – Sunday, August 9

USDCAD broke below 1.3314 support and extended its downside movement from 1.4667 to as low as 1.3233. As long as the price is in the falling price channel on the daily chart, the downside movement could be expected to continue and next target would be at 1.3100 area. On the upside, a breakout of the channel resistance would indicate that lengthier consolidation for the downtrend is needed, then another rise towards 1.3700 could be seen. (UDN,FXC)

USDCAD daily chart

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