USDCAD Daily Analysis – Thursday, September 12

USDCAD broke above 1.3191 resistance, suggesting that corrective consolidation for the downtrend from 1.3382 is underway.

Range trading between 1.3133 and 1.3250 would likely be seen in a couple of days.

As long as 1.3250 resistance holds, the downtrend could be expected to resume, and further decline towards 1.3000 is still possible after the consolidation.

USDCAD 4-hour chart

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