USDCAD Weekly Analysis – July 29, 2023

The USDCAD pair is currently holding below the descending trend line on the weekly chart, signaling a continuation of the downtrend that began from 1.3977.

As long as the price remains below the trend line, we can anticipate further downside movement in the pair. The next target levels to watch for are at 1.2900, followed by 1.2700.

However, if the price manages to break above the resistance of the trend line, it would suggest that the downward move is complete, and we may see another rally towards the 1.3977 resistance level.