USDCAD Daily Analysis – Thursday, August 9

USDCAD dropped sharply from 1.3119 after breaking above 1.3096 resistance, suggesting that the pair remains in the downtrend from 1.3289.

Deeper decline to test 1.2961 support is possible and a breakdown below this level could trigger further downside movement towards 1.2850.

Resistance is now at 1.3119, only a break of this level could take the price back into 1.3200 zone.

USDCAD 4-hour chart

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