USDCAD Daily Analysis – July 16, 2019

USDCAD remains in the downtrend from 1.3143, the bounce from 1.3017 is likely consolidation for the downtrend. Near term resistance is at 1.3080, as long as this level holds, the downtrend could be expected to resume and next target would be at 1.2950 area, only break above 1.3080 resistance could bring the price back to test 1.3144 resistance.

USDCAD 4-hour chart