USDCAD Weekly Analysis – July 22, 2017

USDCAD stays below a bearish trend line on its daily chart and remains in the downtrend from 1.3793. As long as the trend line resistance holds, the downtrend could be expected to continue and further decline to test 1.2460 (the May 2016 low) support is possible next week. Only a clear break above the trend line resistance could signal completion of the downtrend.

USDCAD daily chart