USDCAD Daily Analysis – June 1, 2023

The USDCAD currency pair has experienced a significant development as it broke below the rising trend line on the 4-hour chart. This break suggests that the previous upside movement from 1.3314 to 1.3654 has potentially reached its completion.

Traders are now eyeing a deeper decline in the pair, with the next target likely around the 1.3530 level. If selling pressure persists, the price could potentially extend towards 1.3460 as the next key support area to watch.

On the upside, a decisive break above the 1.3654 resistance level would be required to re-establish bullish momentum. Such a move could potentially trigger another rise in the pair, targeting the 1.3800 level as the next significant resistance.

Traders should closely monitor the price action and key levels mentioned above to gauge the pair’s future direction. Technical indicators and market sentiment can provide additional insights into potential reversals or continuation patterns.