USDCAD Daily Analysis – Tuesday, May 15

USDCAD is now in the downtrend from 1.2997, the bounce from 1.2728 is likely consolidation for the downtrend.

Range trading between 1.2728 and 1.2850 would likely be seen in a couple of days. The downtrend could be expected to resume after the consolidation and a breakdown below 1.2728 support could trigger another fall towards 1.2600.

USDCAD 4-hour chart

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