USDCAD Weekly Analysis – July 2, 2017

USDCAD’s bearish movement from 1.3793 extended to as low as 1.2946, breaking below 1.2968 (Jan 31 low) key support. As long as the pair is below the descending trend line on its daily chart, the downtrend could be expected to continue and next target would be at 1.2600 area. The key resistance is at 1.3347, only a break of this level could signal completion of the downtrend.

USDCAD daily chart