USDCAD Daily Analysis – May 7, 2014

USDCAD is facing 1.0857 support, a breakdown below this level will signal resumption of the downtrend from 1.1278 (Mar 20 high), then next target would be at 1.0700 area. Resistance is at 1.0950, only break above this level will indicate that lengthier consolidation of the downtrend is underway, then another rise to 1.1100 area could be seen.

usdcad chart