USDCAD Daily Analysis – July 5, 2017

After consolidation, USDCAD continued its bearish movement from 1.3347 and the fall extended to as low as 1.2912. Near term resistance is at the top trend line of the price channel on its 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to continue and next target would be at 1.2800 area. Key resistance is at 1.3013, only break above this level could indicate that the downtrend is complete, then the following upside correction movement could bring price to 1.3130 area.

USDCAD 4-hour chart