USDCAD Daily Analysis – July 19, 2018

USDCAD extended its upside movement from 1.3063 to as high as 1.3259. Support is located at the bottom trend line of the price channel on the 4-hour chart. As long as the channel support holds, the upside movement could be expected to continue and next target would be at 1.3350 area. On the downside, a breakdown below the channel support would suggest that the upside movement is complete, then another fall towards 1.2900 could be seen.

USDCAD 4-hour chart