USDCAD Daily Analysis – July 8, 2019

USDCAD broke above the top of the price channel on the 4-hour chart, suggesting that consolidation for the downtrend from 1.3432 is underway. Range trading between 1.3036 and 1.3144 would likely be seen over the next several days. As long as 1.3144 resistance holds, the downside movement could be expected to resume, further decline to 1.3000 area is still possible after the consolidation.

USDCAD 4-hour chart