USD/CAD Weekly Analysis – Sunday, August 12

USD/CAD stays below a falling trend line on the daily chart and remains in the downtrend from 1.3385.

As long as the trend line resistance holds, the bounce from 1.2961 could be treated as consolidation for the downtrend and another fall towards 1.2850 could be expected after the consolidation.

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