USDCAD Weekly Analysis – August 16, 2020

USDCAD extended its downside movement from 1.4667 to as low as 1.3191. Further decline is still possible next week and next target would be at 1.3000 area. Near term resistance is at the top of the falling price channel on the daily chart, a breakout of the channel resistance could bring the price back towards 1.3700.

USDCAD daily chart