USD/CAD Daily Analysis – Wednesday, August 1

USD/CAD extended its downside movement from 1.3289 to as low as 1.2981. As long as the price is below the falling trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.2900 area. Key resistance is at 1.3096, only a break of this level could signal completion of the downtrend.

USDCAD 4-hour chart

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