USDCAD Daily Analysis – May 7, 2018

USDCAD moved sideways in a trading range between 1.2803 and 1.2917. The price action in the range is likely consolidation for the uptrend from 1.2526. As long as 1.2803 support holds, the uptrend could be expected to resume and further rise to 1.3100 area is still possible after the consolidation. On the downside, a breakdown below 1.2803 support would indicate that the uptrend had completed at 1.2917 already, then deeper decline to 1.2600 area could be seen.

USDCAD 4-hour chart