USDCAD Weekly Analysis – August 12, 2017

USDCAD moved above the bearish trend line on its daily chart, indicating that correction for the downtrend from 1.3793 is underway. Range trading between 1.2413 and 1.2900 would likely be seen over the next several weeks. Support is at 1.2413, only a breakdown below this level could trigger another fall towards 1.2280.

USDCAD daily chart