USDCAD Daily Analysis – August 3, 2017

USDCAD broke above 1.2575 resistance, indicating that the downtrend from 1.3347 had completed at 1.2413 already. Further rally could be expected in a couple of days and next target would be at around 1.2690, followed by 1.2740. However, the rally from 1.2413 would possibly be correction of the downtrend from 1.3793 (May 5 high), another fall towards 1.2000 is still possible after the correction, and a breakdown below 1.2413 support could signal resumption of the downtrend.

USDCAD 4-hour chart