USDCAD Weekly Analysis – May 6, 2018

USDCAD’s bounce from 1.2526 extended to as high as 1.2917. Further rise is still possible in the coming days and next target would be at 1.3100 area. Near term support is at 1.2785, a breakdown below this level would indicate that the bounce had completed at 1.2917 already, then another fall towards bottom support trend line of the price channel on the daily chart could be seen.

USDCAD daily chart