USDCAD Daily Analysis – May 29, 2020

USDCAD extended its downside movement from 1.4048 to as low as 1.3727. The downside movement could be expected to continue and next target would be at 1.3600 area. Near term resistance is at 1.3840, a breakout of this level would indicate that the downside move had completed at 1.3727 already, then another rise towards the falling trend line on the 4-hour chart could be seen.

USDCAD 4-hour chart