USDCAD Daily Analysis – Friday, May 4

Analyst and Forex Trader • May 4, 2018 at 4:10 AM EDT

USDCAD stays in a trading range between 1.2803 and 1.2913.

As long as 1.2803 support holds, the price action in the range could be treated as consolidation for the uptrend from 1.2526 and a breakout of 1.2913 resistance could trigger another rise towards 1.3100. On the downside, a breakdown below 1.2803 support would suggest that corrective consolidation for the uptrend is underway, then the pair would find support at around 1.2600.

USDCAD 4-hour chart

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