USDCAD Daily Analysis – August 19, 2019

USDCAD failed to break above 1.3344 resistance and pulled back to 1.3260 area. Deeper decline towards the rising trend line on the 4-hour chart would likely be seen, a breakdown below could trigger further downside move to next support level at 1.3184. On the upside, as long as 1.3184 support holds, the price action from 1.3344 could be treated as consolidation for the uptrend from 1.3015, one more rise to 1.3400 area is still possible.

USDCAD 4-hour chart