USDCAD Daily Analysis – April 7, 2020

USDCAD stays in a trading range between 1.3920 and 1.4348. As long as 1.4348 resistance holds, the price action in the range 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 break of 1.4348 resistance would indicate that the downtrend had completed at 1.3920 already, then another rise towards 1.4700 could be seen.

USDCAD 4-hour chart