USDCAD Weekly Analysis – August 14, 2016

USDCAD stays in the upward price channel on daily chart, and remains in short term uptrend from 1.2654. Near tern support is at the bottom of the channel. As long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.3300 – 1.3400 area. On the downside, a clear break below the channel support will indicate that the longer term downtrend from 1.4689 has resumed, then the following downward movement could bring price to 1.1000 zone.

usdcad chart