USDCAD Daily Analysis – September 1, 2023

USD/CAD has recently broken below the rising price channel on the 4-hour chart, indicating that the previous upside movement from 1.3092 to 1.3639 has potentially completed.

Further decline in price is expected, with the next target set around the 1.3450 area.

The immediate resistance level to monitor is located at 1.3545. A break above this level could potentially bring the price back towards 1.3570, and surpassing that level would then aim for the previous high at 1.3639.

Traders should closely observe the price action in USD/CAD, paying attention to the behavior around the immediate resistance level at 1.3545. This will provide valuable insight into the potential continuation or reversal of the recent downtrend.