USDCAD Daily Analysis – June 16, 2017

USDCAD broke above 1.3300 resistance, indicating that consolidation of the downtrend from 1.3793 is underway. Range trading between 1.3164 and 1.3350 would likely be seen over the next several days. As long as 1.3350 resistance holds, the downtrend could be expected to resume, and another fall towards 1.3050 is still possible after the consolidation.

USDCAD 4-hour chart