USDCAD Daily Analysis – August 23, 2017

USDCAD remains in the short term downtrend 1.2778. Further decline to test 1.2413 support is still possible in the coming days. Near term resistance is at the top trend line of the price channel on its 4-hour chart, only a clear break above the channel resistance could bring price back to test 1.2778 resistance.

USDCAD 4-hour chart