USDCAD Daily Analysis – Monday, Sept. 11

USDCAD extended its downside movement from 1.2662 to as low as 1.2061.

As long as the price is below the bearish trend line on the 4-hour chart, the bounce from 1.2061 could be treated as consolidation of the downtrend, and a further decline to 1.1800 area is still possible.

Only a clear break above the trend line resistance could signal completion of the downtrend.