USDCAD Analysis – May 3, 2023

USDCAD has been in a downtrend since reaching a high of 1.3667. The pair recently bounced from a low of 1.3527, but this may be a correction within the broader downtrend. As long as the key resistance level of 1.3667 holds, another decline towards the 1.3450 support level could be expected.

However, if the pair breaks above the key resistance level of 1.3667, this could indicate a reversal of the downtrend and trigger another upside movement towards the 1.3800 area.