USDCAD Weekly Analysis – May 4, 2014

No changed in our view, USDCAD is now in downtrend from 1.1278, the rise from 1.0857 is likely consolidation of the downtrend. Support is at 1.0857, a breakdown below this level will signal resumption of the downtrend, then next target would be at 1.0700 area. Resistance levels are at 1.1100 and 1.1278, only break above these levels could trigger another rise towards 1.1500.

usdcad chart