FX.co ★ Technical analysis on USDCAD for June 9th, 2023.

Red lines- trading range

USDCAD is under pressure. Price is trading around 1.3330 approaching the horizontal support area of 1.3250 where we find the lower boundary of the trading range this pair is in since October of 2022. USDCAD has made no real progress since then as price is trading in range between 1.3250 and 1.3850. Recently price formed a double top at 1.3660 so we consider this a key pivot point for the trend. As long as price is below this level we consider that bears are in control. If support at 1.3250 fails to hold, we should expect USDCAD to fall further towards 1.29-1.28.