USDCAD Daily Analysis – July 24, 2017

USDCAD extended its bearish movement to 1.2521. Near term resistance is at the falling trend line on the 4-hour chart. As long as the price is below the trend line, the downtrend could be expected to continue and further decline to test 1.2460 (May 2016 low) support is still possible. Key resistance is at 1.2640, only a break of this level will indicate that the bearish movement is complete, then the following correction rebound could bring price into 1.2850 zone.

USDCAD 4-hour chart