USDCAD Daily Analysis – Thursday, August 16

USDCAD’s upside movement from 1.2961 extended to as high as 1.3174.

As long as the price is above the rising trend line on the 4-hour chart, the upside movement could be expected to continue and next target would be at 1.3250 area.

Key support is at 1.3050, only a breakdown below this level could signal completion of the uptrend.