USDCAD Analysis – May 1, 2023

The USDCAD pair has been trading in a uptrend from 1.3300 over the past few weeks. However, on the 4-hour chart, the pair broke below the key support level of 1.3588, indicating that the upside movement from the Apr 14 low of 1.3300 has completed at 1.3667. This break below support suggests further decline ahead for the pair in the near future.

If the pair continues its downward momentum, the next target for the USDCAD would be the 1.3400 area.

However, if the USDCAD manages to recover and regain its bullish momentum, the key resistance level to watch would be at 1.3667. A successful break above this level would indicate another upside movement towards 1.3800.

Overall, the technical outlook for the USDCAD suggests a bearish bias in the short term, with the potential for further decline towards the 1.3400 level. Traders should monitor the key support and resistance levels closely to determine the next move for the pair.