USDCAD Daily Analysis – Thursday, August 24

USDCAD stays in a falling price channel on its 4-hour chart, indicate that the pair remains in the downtrend from 1.2778. As long as the price is in the channel, the downtrend could be expected to continue and next target would be at 1.2450 area.

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