USDCAD Daily Analysis – May 3, 2018

USDCAD continued its sideways movement in a trading range between 1.2803 and 1.2913. As long as 1.2803 support holds, the upside movement from 1.2526 could be expected to continue and a breakout of 1.2913 resistance could take price to next resistance level at 1.3000. On the downside, a breakdown below 1.2803 support would suggest that the upside movement had completed at 1.2913 already, then the following corrective pullback could take the price to 1.2600 area.

USDCAD 4-hour chart