USDCAD Daily Analysis – August 8, 2018

USDCAD broke above 1.3039 resistance. Further rally is still possible and next target would be at 1.3096 key resistance, a breakout of this level would indicate that the downside movement from 1.3289 had completed at 1.2961 already, then next target would be at 1.3150 area. Support is at 1.2961, only a breakdown below this level could trigger further downside movement towards 1.2900.

USDCAD 4-hour chart