USDCAD Daily Analysis – August 11, 2020

USDCAD is facing the resistance of the falling price channel on the 4-hour chart. As long as the channel resistance holds, the bounce from 1.3233 could be treated as consolidation for the downtrend from 1.3715, and further decline to 1.3150 area is possible after the consolidation. Key resistance is at 1.3458, only break above this level could signal completion of the downtrend.

USDCAD 4-hour chart