USDCAD Daily Analysis – May 8, 2017

USDCAD broke out of the bottom of the ascending price channel on 4-hour chart, indicating that the bullish movement from 1.3223 had completed at 1.3793 already. Further decline could be expected over the next several days and next target would be at 1.3550 area. Resistance levels are at 1.3730 and 1.3793, only break above these levels could trigger another rise towards 1.3900.

USDCAD chart