USDCAD Weekly Analysis – August 26, 2018

USDCAD stays below a falling trend line on the daily chart and remains in the downtrend from 1.3385. As long as the trend line resistance holds, the price action from 1.2961 could be treated as consolidation for the downtrend. A breakdown below 1.2961 support could trigger further downside movement towards 1.2800. Key resistance is now at 1.3174, only a break of this level could signal completion of the downtrend.

USDCAD daily chart