USDCAD Daily Analysis – July 31, 2017

USDCAD stays below a bearish trend line on the 4-hour chart and remains in downtrend from 1.3347. As long as the pair is below the trend line, the downtrend could be expected to continue and next target would be at 1.2200 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

USDCAD 4-hour chart