USDCAD Daily Analysis – May 6, 2014

USDCAD remains in downtrend from 1.1053, the price action in the trading range between 1.0935 and 1.1004 is likely consolidation of the downtrend. Further decline could be expected after consolidation, and next target would be at 1.0850 area. Resistance is at 1.1004, only break above this level could trigger another rise to 1.1100 zone.

usdcad chart