USDCAD Weekly Analysis – August 20, 2017

USDCAD moved sideways in a trading range between 1.2413 and 1.2778. Support is at 1.2413, a breakdown below this level will signal resumption of the downtrend from 1.3793, then next target would be at 1.2300, followed by 1.2050. Resistance is at 1.2778, above this level will confirm that the downside movement from 1.3793 had completed at 1.2413 already, then the following upside movement could bring price back towards 1.3500.

USDCAD daily chart