Can ceterizine hydrochloride be used to treat cold symtoms in my 5yr old?

It can but: it will not likely work for colds unless the symptoms are caused by allergy

Antihistamine: Cetirizine, or Zyrtec, (cetirizine) is a daily dosed antihistamine that treats allergic symptoms such as a runny nose or itchy eyes by blocking the histamine response, a release of certain allergy causing chemicals from the white blood cell known as the mast cell. This blocking action can relieve the symptoms of a cold, but does not actually cure you from the viral infection that causes the symptoms