USDCAD Daily Analysis – May 24, 2017

USDCAD moved in a bearing price channel on 4-hour chart and just bounces off the bottom support trend line. Further rally is possible and the target would be at the top resistance trend line. However, as long as the pair is in the channel, the rise from 1.3456 could be treated as consolidation of the downtrend from 1.3793 and another fall towards 1.3400 could be expected after the consolidation.

USDCAD chart