USDCAD Daily Analysis – May 20, 2014

USDCAD’s fall from 1.0926 extended to as low as 1.0850. However, the fall is likely correction of the uptrend from 1.0813, as long as 1.0813 support holds, the uptrend could be expected to resume, and one more rise to the top of the price channel on 4-hour chart is still possible. On the downside, a breakdown below 1.0813 support will indicate that the downtrend from 1.1053 has resumed, then the following downward movement could bring price to 1.0700 area.

usdcad chart