USDCAD Daily Analysis – Monday, August 6

USDCAD extended its downside movement from 1.3289 to as low as 1.2967. Near-term resistance is at the falling trend line on the 4-hour chart.

As long as the trend line resistance holds, the downtrend could be expected to continue and next target would be at 1.2900. Key resistance is at 1.3096, only a break of this level could signal completion of the downtrend.