USDCAD Analysis – May 4, 2023

Recently, the USDCAD pair has been consolidating in a range between 1.3527 and 1.3667. The resistance level at 1.3667 is key for the next move in the pair. A break above this level could signal the resumption of the uptrend from 1.3300, with the next target being the 1.3800 area.

On the other hand, if 1.3667 resistance holds, the bounce from 1.3527 could be considered a correction for the downtrend from 1.3667. In that case, the pair could continue its downward movement and test the 1.3450 area as support.