USDCAD Daily Analysis – June 6, 2017

USDCAD broke below the ascending trend line on its 4-hour chart, indicating that the rise from 1.3387 is complete. Deeper decline to test 1.3387 support would likely be seen and a breakdown below this level will confirm that the downtrend from 1.3793 has resumed, then the following downward movement could bring price into 1.3200 zone. Resistance is at 1.3540, only a clear break above this level could signal completion of the downtrend.

USDCAD 4-hour chart