USDCAD Daily Analysis – May 1, 2020

USDCAD broke above the bearish trend line on the 4-hour chart, suggesting that the downtrend from 1.4264 had completed at 1.3849 already. Further rally would likely be seen in the coming days and next target would be at 1.4200 area. Support is at 1.3849, only break below this level could trigger another fall towards 1.3700.

USDCAD 4-hour chart