USDCAD Daily Analysis – July 23, 2020

USDCAD extended its downside movement from 1.3715 to as low as 1.3399. Further decline is still possible after a minor consolidation and next target would be at 1.3300 area. Near term resistance is at 1.3485, a break of this level could bring the price back towards the falling trend line on the 4-hour chart.

USDCAD 4-hour chart