USDCAD Daily Analysis – August 1, 2017

USDCAD moved sideways in a narrow range between 1.2413 and 1.2575. As long as the price is below the bearish trend line on its 4-hour chart, the sideways movement could be treated as consolidation of the downtrend from 1.3347 and further decline to 1.2200 area is still possible. The key resistance is at 1.2575, only a break of this level could trigger a strong rebound towards 1.2750.

USDCAD 4-hour chart