USDCAD Weekly Analysis – June 3, 2017

After touching the support of the bottom trend line of the bullish price channel on the daily chart, USDCAD rebounded from 1.3387. However, the price action of the rebound is likely consolidation of the short term downtrend from 1.3793, another fall to test the bottom trend line support would likely be seen next week and a clear break below the channel support could take price to the next support level at around 1.3200. On the upside, as long as the pair is in the bullish channel, the pair remains in bullish structure, and another rise towards 1.4000 is still possible.

USDCAD Daily Chart