USDCAD Daily Analysis – May 2, 2014

USDCAD remains in downtrend from 1.1053, the rise from 1.0942 is likely consolidation of the downtrend. Resistance is at 1.1000, as long as this level holds, the downtrend could be expected to resume, and next target would be at 1.0900 area. Only break above 1.1000 resistance could trigger another rise to 1.1100 zone.

usdcad chart