USDCAD Weekly Analysis – August 23, 2020

USDCAD’s downside movement from 1.4667 extended to as low as 1.3132. As long as the price is in the falling price channel on the daily chart, the downside movement could be expected to continue and next target would be at 1.3000 area. Resistance is located at the top of the channel, a breakout of the channel resistance could bring the price back towards 1.3700.

USDCAD daily chart