USDCAD Daily Analysis – August 16, 2017

After consolidation, USDCAD broke above 1.2752 resistance and continued its bullish movement to as high as 1.2778. Key support is at 1.2650, as long as the price is above this level, the upside movement could be expected to continue and next target would be at 1.2850 area. On the downside, a breakdown below 1.2650 support will indicate that the bullish movement from 1.2413 is complete, then the following downside movement could bring price back to test 1.2413 support.

USDCAD 4-hour chart