USD/CAD Daily Analysis – Wednesday, May 9

USD/CAD broke above 1.2917 resistance and extended its upside movement from 1.2526 to as high as 1.2997. Further rise is still possible after a minor consolidation and next target would be at 1.3050 area. Near-term support is at 1.2870, a breakdown below this level would suggest that the upside movement is complete, then deeper decline to test 1.2803 support could be seen. Below here would aim 1.2600.

USDCADb 4-hour chart

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