USDCAD Daily Analysis – April 16, 2020

USDCAD bounced strongly from 1.3854 to as high as 1.4132, suggesting that the downside movement from 1.4348 had completed at 1.3854 already. Further rally could be expected in a couple of days and next target would be at 1.4300 area. Near term support is at 1.4040, a breakdown below this level could trigger another fall towards 1.3850.

USDCAD 4-hour chart