USDCAD Weekly Analysis – June 28, 2020

USDCAD stays in a falling price channel on the daily chart and remains in the downtrend from 1.4667. As long as the channel resistance holds, the bounce from 1.3314 could be treated as consolidation for the downtrend and further decline to 1.3000 is possible after the consolidation. On the upside, a breakout of the channel resistance would indicate that the downside movement had completed at 1.3314 already, then the following upside movement could take the price to 1.4000 area.

USDCAD daily chart