USDCAD Weekly Analysis – July 16, 2017

USDCAD continued its bearish movement from 1.3793 and the fall extended to as low as 1.2639. Resistance is located at the descending trend line on its daily chart. As long the pair is below the trend line, the downtrend could be expected to continue and next target would be at 1.2400 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

USDCAD daily chart