USDCAD Daily Analysis – July 26, 2017

USDCAD remains in downtrend from 1.3347. As long as the pair is below the falling trend line the 4-hour chart, the downside movement could be expected to continue and further decline to test the important support at 1.2460 (May 2016 low) is possible. On the upside, a clear break above the trend line resistance could take price to the next resistance level at 1.2608, above this level will trigger a correction rebound into 1.2800 zone.

USDCAD 4-hour chart