USDCAD Daily Analysis – July 23, 2019

USDCAD is facing 1.3144 resistance, a break of this level would indicate that the downside movement from 1.3432 had completed at 1.3015 already, then further rally to 1.3200 area could be seen. However, as long as 1.3144 resistance holds, the price action in the trading range between 1.3015 and 1.3144 could be treated as consolidation for the downtrend, one more fall towards 1.2950 is still possible.

USDCAD 4-hour chart