USDCAD Daily Analysis – May 5, 2020

USDCAD remains in the uptrend from 1.3849, the pullback from 1.4151 is likely consolidation for the uptrend. Range trading between 1.4045 and 1.4151 would likely be seen in a couple of days. As long as 1.4045 support holds, the uptrend could be expected to resume and further rise towards 1.4264 resistance is still possible. On the downside, a breakdown below 1.4045 support would indicate that the upside movement had completed at 1.4151 already, then another fall towards 1.3700 could be seen.

USDCAD 4-hour chart