USDCAD Daily Analysis – May 30, 2017

USDCAD broke out of the resistance trend line of the price channel on 4-hour chart. Further rally to test 1.3540 resistance is possible. As long as the price is below this level, the rise from 1.3387 could be treated as consolidation of the downtrend from 1.3793, another fall towards 1.3300 could be expected after the consolidation. On the upside, a break above 1.3540 resistance will indicate that the downtrend had completed at 1.3387 already, then the following bullish movement could take price into 1.4000 zone.

USDCAD 4-hour chart