USDCAD Daily Analysis – May 26, 2014

USDCAD remains in uptrend from 1.0813, the price action from 1.0926 could be treated as consolidation of the uptrend. Near term support is at 1.0850, as long as this level holds, the uptrend could be expected to resume, and next target would be at the top of the price channel on 4-hour chart. On the downside, a breakdown below 1.0850 support will signal completion of the downtrend, then the following downward movement could bring price back to 1.0700 area.

usdcad chart