USDCAD Daily Analysis – July 4, 2017

USDCAD stays in the bearish price channel on its 4-hour chart and remains in downtrend from 1.3347. As long as the pair is in the channel, the bounce from 1.2946 could be treated as consolidation of the downtrend and further decline to 1.2800 area is still possible after the consolidation. Key resistance is at 1.3070, only break above this level could signal completion of the downtrend.

USDCAD 4-hour chart