USDCAD Daily Analysis – July 25, 2017

USDCAD’s bearish movement from 1.3347 extended to as low as 1.2483, facing the important support at 1.2460 (May 2016 low). Near term resistance is at the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue. Key resistance is at 1.2608, only a break above this level will indicate that the downtrend had completed at 1.2483 already, then the following correction rebound could bring price into 1.2800 zone.

USDCAD 4-hour chart