USDCAD Daily Analysis – September 8, 2017

USDCAD continued its downside movement from 1.2662 and the fall extended to as low as 1.2064. Resistance is at the bearish trend line on the 4-hour chart. As long as the price is below the trend line, the downtrend could be expected to continue and next target would be at 1.1800 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

USDCAD 4-hour chart