USDCAD remains in downtrend from 1.3793, the rise from 1.3387 is likely consolidation of the downtrend. Near term resistance is at the top trend line of the price channel on the 4-hour chart. As long as the pair is in the channel, the downtrend could be expected to continue, and the next target would be at around 1.3300. The key resistance is at 1.3540, only break above this level could signal completion of the downtrend.

usdcad 4-hour chart


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