USDCAD Weekly Analysis – June 17, 2017

USDCAD broke below the bottom trend line of the bullish price channel on its daily chart, indicating that the uptrend from 1.2968 had completed at 1.3793 already. The pair is now in downtrend, as long as the price is below the descending trend line, the downward movement could be expected continue and next target would be at 1.3000 area. Key resistance is at 1.3550, only break above this level could trigger another rise towards 1.4000.

USDCAD daily chart