USDCAD Daily Analysis – July 1, 2019

USDCAD extended its downside movement from 1.3228 to as low as 1.3059. As long as the price is in the falling price channel on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.3000 area. On the upside, a breakout of the channel resistance would indicate that the downside movement had completed at 1.3059 already, then the pair would find resistance at around 1.3150.

USDCAD 4-hour chart