USDCAD Daily Analysis – June 9, 2017

USDCAD is facing 1.3540 resistance. As long as this level holds, the price action from 1.3387 could be treated as consolidation of the downtrend from 1.3793 and another fall towards 1.3200 could be expected after the consolidation. On the upside, a clear break above 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