USDCAD Daily Analysis – July 26, 2023

USDCAD has continued its sideways movement within a trading range between 1.3092 and 1.3242. As long as the 1.3242 resistance level holds, this sideways movement could be seen as a consolidation for the downtrend from 1.3386. If the price were to break down below the 1.3092 support level, it could trigger a further downside move towards 1.3000.

On the other hand, if the price manages to break out of the 1.3242 resistance level, it would indicate that the downside move from 1.3386 has already completed at 1.3092 and another rise towards 1.3386 could be seen.

Overall, USDCAD is currently moving sideways within a trading range, with potential for further downside or upside movements depending on whether it breaks out of the range’s support or resistance levels.