USDCAD Daily Analysis – June 15, 2017

USDCAD remains in downtrend from 1.3537, the bounce from 1.3164 is likely consolidation of the downtrend. Resistance is at 1.3300, as long as this level holds, the downtrend could be expected to continue and next target would be at around 1.3050. On the upside, a break of 1.3300 resistance will suggest that lengthier consolidation for the longer term downtrend from 1.3793 is underway, then range trading between 1.3164 and 1.3350 could be seen.

USDCAD 4-hour chart