USDCAD Daily Analysis – June 7, 2017

USDCAD moved sideways in a trading range between 1.3387 and 1.3540. As long as 1.3540 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.3793, and further decline towards 1.3200 is possible after the consolidation. On the upside, a clear break of 1.3540 resistance will indicate that the downtrend had completed at 1.3387 already, this could trigger another bullish movement towards 1.3800.

USDCAD 4-hour chart