USDCAD Daily Analysis – May 8, 2014

Being contained by 1.0857 support, USDCAD rebounded from 1.0874. However, the rise is likely consolidation of the downtrend from 1.1053, further decline could be expected after consolidation, and next target would be at 1.0700 area. Resistance is at 1.0930, only break above this level could trigger another rise to 1.1100 zone.

usdcad chart