USDCAD Daily Analysis – May 18, 2020

USDCAD is testing the resistance of the falling trend line on the 4-hour chart. As long as the trend line resistance holds, another fall towards 1.3850 is possible. On the upside, a breakout of the trend line resistance would confirm that the downside movement from 1.4667 (Mar 19 high) had completed at 1.3849 already, then next target would be at 1.4350 area.

USDCAD 4-hour chart