USDCAD Daily Analysis – June 1, 2017

USDCAD formed a sideways movement in a range between 1.3387 and 1.3540. As long as 1.3540 resistance holds, the price action in the trading range could be treated as consolidation of the downtrend from 1.3793 and further decline to 1.3300 area is still possible after the consolidation. On the upside, a break of 1.3540 resistance will indicate that the downward movement from 1.3793 had completed at 1.3387 already, then next target would be at around 1.3700.

USDCAD 4-hour chart