USDCAD Weekly Analysis – July 30, 2017

USDCAD extended its bearish movement from 1.3793 to as low as 1.2413, and broke below 1.2460 (the May 2016 low) support, suggesting that the long term downtrend from 1.4689 (Jan 20, 2016 high) has resumed. Further decline is still possible and next target would be at 1.2000 area. Near term resistance is at the falling trend line on the daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.

USDCAD daily chart