USD/CAD Daily Analysis – Tuesday, July 10

USD/CAD stays below a falling trend line on its 4-hour chart and remains in the downtrend from 1.3385. As long as the price is below the trend line, the bounce from 1.3065 could be treated as consolidation for the downtrend and further decline to 1.2950 area is still possible after the consolidation. On the upside, a clear break of the trend line resistance would indicate that the downside movement had completed at 1.3065 already, then further rally to 1.3200 area could be seen.

USDCAD 4-hour chart

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