USDCAD Daily Analysis – June 8, 2017

USDCAD failed to break below 1.3387 support and stays in the trading range between 1.3387 and 1.3540. The pair is now facing 1.3540 resistance, a clear break of this level will indicate that the downtrend from 1.3793 had completed at 1.3387 already. This could trigger another bullish movement towards 1.3800. On the downside, as long as 1.3540 resistance holds, the price action in the range could be treated as consolidation of the downtrend, further decline to 1.3200 area is still possible after the consolidation.

USDCAD 4-hour chart