USDCAD Weekly Analysis – August 21, 2016

USDCAD broke below the bottom of the price channel on daily chart, indicating that the downtrend from 1.4689 has resumed. Further decline could be expected over the next several weeks, and next target would be at 1.1500 area. Resistance levels are at 1.3000 and 1.3252, only break above these levels could trigger another rise towards 1.3700.

usdcad chart