USDCAD Daily Analysis – July 27, 2017

USDCAD broke below the important support at 1.2460 (May 2016 low), confirming that the long term downtrend from 1.4689 (Jan 20, 2016 high) has resumed. Further decline could be expected after correction and the long term target would be at 1.1500 area. However, correction is needed after breaking below an important support level, and a correction rebound could be seen after break above 1.2543 resistance.

USDCAD 4-hour chart