USDCAD Daily Analysis – June 6, 2018

USDCAD dropped sharply from 1.3066 after breaking above 1.3046 resistance. However, as long as the price is in the rising price channel on the 4-hour chart, the fall could be treated as consolidation for the uptrend from 1.2728 and another rise towards 1.3100 is still possible after the consolidation. The key support is at 1.2818, only a breakdown below this level could signal completion of the uptrend.

USDCAD 4-hour chart