USDCAD Weekly Analysis – May 17, 2015

USDCAD’s downward movement from 1.2835 extended to as low as 1.1919. Further decline could be expected over the next several weeks, and next target would be at 1.1500 area. Resistance is at the top of the price channel on daily chart, only a clear break above the channel resistance could signal completion of the downtrend.

usdcad chart