USDCAD Weekly Analysis – August 5, 2018

USDCAD’s downside movement from 1.3385 extended to as low as 1.2967. Further decline is still possible in a couple of weeks and next target would be at bottom support trend line of the rising price channel on the daily chart. Resistance is at bearish trend line, only a clear break above the trend line resistance could trigger another rise towards 1.3500.

USDCAD daily chart