USDCAD Weekly Analysis – July 31, 2016

After touching 1.3188 resistance, USDCAD pulled back into the trading range between 1.2460 and 1.3250, indicating that the pair remains in downtrend from 1.4689, and the price action from 1.2460 could be treated as consolidation of the downtrend. Near term support is at 1.2800, a breakdown below this level will confirm that the downtrend has resumed, then the following downward movement could bring price to 1.1000 zone.

usdcad chart