USDCAD Daily Analysis – May 23, 2018

USDCAD failed to break below 1.2728 support and stayed in the trading range between 1.2728 and 1.2924. Suggesting that lengthier consolidation for the downtrend from 1.2997 is needed. However, as long as 1.2924 resistance holds, the downtrend could be expected to resume and a breakdown below 1.2728 support could trigger another fall towards 1.2500.

USDCAD 4-hour chart