USDCAD Daily Analysis – April 3, 2020

USDCAD moved sideways in a trading range between 1.3920 and 1.4348. As long as 1.4348 resistance holds, the sideways movement could be treated as consolidation for the downtrend from 1.4667 and further decline to 1.3800 area is possible after the consolidation. On the upside, a breakout of 1.4348 resistance would confirm that the downside movement had completed at 1.3920 already, then another rise towards 1.4600 could be seen.

USDCAD 4-hour chart