USDCAD Daily Analysis – May 11, 2020

USDCAD’s downside movement from 1.4172 extended to as low as 1.3908. Further decline to test 1.3849 support would likely be seen, a breakdown below this level could take the price to 1.3700 area. Near term resistance is at 1.3970, a break of this level could trigger another rise towards the falling trend line on the 4-hour chart.

USDCAD 4-hour chart