USDCAD Daily Analysis – June 6, 2023

The USDCAD currency pair has experienced a breakdown below the key support level at 1.3406, signaling a continuation of its recent downtrend from 1.3654. The pair has subsequently declined to as low as 1.3392, with further downside potential in the coming days.

Traders anticipating further bearish movement in USDCAD can look for the next target around the 1.3340 level, followed by a potential test of the psychological support at 1.3300. These levels may attract selling pressure as the pair seeks to establish new lower lows.

It is important to monitor the resistance level at 1.3461, which now acts as a barrier to any potential recovery or corrective upside moves. A break above this level could bring the price back towards the immediate resistance at 1.3485, with further upside potential towards the 1.3566 resistance level.