USDCAD Daily Analysis – Thursday, August 6

USDCAD stays in a falling price channel on the 4-hour chart and remains in the downtrend from 1.3715. As long as the channel resistance holds, the downside movement 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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