USDCAD Daily Analysis – July 17, 2017

USDCAD’s bearish movement from 1.3347 extended to as low as 1.2639. Further decline is still possible after a minor consolidation and next target would be at 1.2500 area. Resistance is now at 1.2770, only a break above this level will indicate that consolidation of the downtrend is underway, then the pair will find resistance at around 1.3000.

USDCAD 4-hour chart