USDCAD Daily Analysis – May 24, 2018

USDCAD failed in its attempt to breakout of 1.2924 resistance and stayed in the trading range between 1.2728 and 1.2924. The price action in the trading range is likely consolidation for the downtrend from 1.2997 and another fall towards 1.2500 is still possible after the consolidation. Support is at 1.2728, a breakdown below this level could signal resumption of the downtrend.

USDCAD 4-hour chart