USDCAD Daily Analysis – May 2, 2017

USDCAD remains in uptrend from 1.3223, the fall from 1.3696 is likely consolidation of the uptrend. Near term support is at the bottom of the price channel on 4-hour chart. As long as the pair is in the channel, the uptrend could be expected to continue, and next target would be at 1.3800 area. Key support is at 1.3530, only a breakdown below this level could signal completion of the uptrend.

USDCAD chart