USDCAD Weekly Analysis – July 8, 2017

USDCAD stays below a bearish trend line on its daily chart and remains in downtrend from 1.3793 and the price extended to as low as 1.2859. As long as the trend line resistance holds, the downtrend could be expected to continue and next target would be at 1.2600 area. Key resistance is at 1.3050, only a break above this level could signal completion of the downtrend.

USDCAD daily chart