USDCAD Daily Analysis – August 9, 2018

USDCAD dropped sharply from 1.3119 after breaking above 1.3096 resistance, suggesting that the pair remains in the downtrend from 1.3289. Deeper decline to test 1.2961 support is possible and a breakdown below this level could trigger further downside movement towards 1.2850. Resistance is now at 1.3119, only a break of this level could take the price back into 1.3200 zone.

USDCAD 4-hour chart