USDCAD Weekly Analysis – September 20, 2020

No changed in our view, USDCAD remains in the downtrend from 1.4667, the price action from 1.2993 is likely consolidation for the downtrend. Resistance is located at the top of the falling price channel on the daily chart. As long as the channel resistance holds, the downside movement could be expected to resume and further decline to 1.2800 area is possible.

USDCAD daily chart