USDCAD Daily Analysis – May 31, 2017

USDCAD broke above the top resistance trend line of price channel on the 4-hour chart, indicating that lengthier consolidation for the downtrend from 1.3793 is needed. Range trading between 1.3387 and 1.3540 could be seen in a couple of days. Resistance is at 1.3540, as long as this level holds, the downtrend from 1.3793 could be expected to resume, and further decline to 1.3300 area is still possible.

USDCAD 4-hour chart