USDCAD Daily Analysis – June 7, 2023

The USDCAD currency pair has experienced a continued downside movement, extending from its recent high at 1.3654 to reach as low as 1.3387. The pair remains under selling pressure, indicating a bearish bias in the market.

Given the current momentum, it is likely that USDCAD will see further decline in the coming days. The next target for the downside move is projected to be around the 1.3340 level, followed by the psychological support level at 1.3300. Traders and investors should closely monitor price action for any signs of a potential reversal or further downside continuation.

On the upside, immediate resistance is seen at 1.3461. A break above this level would suggest a temporary pause in the bearish trend and could lead to a retracement towards the resistance at 1.3485. If buying pressure strengthens further, the pair may aim for the higher resistance level at 1.3566.

In summary, USDCAD remains in a bearish trend, with further decline expected towards the targets at 1.3340 and 1.3300. Resistance levels at 1.3461 and 1.3485 should be monitored for potential retracements. Traders should stay informed about economic indicators and geopolitical events to make well-informed trading decisions. Implementing effective risk management techniques is essential for successful trading in USDCAD.