USDCAD Daily Analysis – July 5, 2019

USDCAD’s downside movement from 1.3432 extended to as low as 1.3036. 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. Only a breakout of the channel resistance could signal completion of the downtrend.

USDCAD 4-hour chart