USDCAD Weekly Analysis – May 3, 2015

USDCAD’s downward movement from 1.2835 extended to as low as 1.1945. Further decline is still possible after a minor consolidation, and next target would be at 1.1500 area. Resistance is at the top of the price channel on daily chart, as long as the channel resistance holds, the downtrend will continue.

usdcad chart