USDCAD Daily Analysis – September 7, 2017

USDCAD dropped sharply to as low as 1.2146. Near term resistance is at the falling trend line on the 4-hour chart. As long as the price is below the trend line, the downtrend from 1.2662 could be expected to continue and next target would be at 1.2050 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

USDCAD 4-hour chart