USDCAD Daily Analysis – Tuesday, August 7

USDCAD broke above the resistance of the falling trend line on the 4-hour chart and moved sideways in a trading range between 1.2967 and 1.3039, suggesting that consolidation for the downtrend from 1.3289 is underway.

As long as 1.3039 resistance holds, the downside movement could be expected to resume and a breakdown below 1.2967 support could trigger another fall towards 1.2900.

On the upside, a break of 1.3039 resistance could bring the price back towards the key resistance at 1.3096, only a break of this level could signal completion of the downtrend.

USDCAD 4-hour chart

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