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USDCAD Stays below Channel | June 7, 2017



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Usdcad has broken channel already. Now, this pair is staying below the channel with good down pressure. We can expect more down rally on this pair. It is currently facing bearish pressure. Sellers are trying to make a new low on this pair. So, traders need to be alert to stay in sell mode. Without any strong bullish candle, we shouldn't go for buy on usdcad.

1.3390 is near-term support level for this pair. So we should look at that level. If any breakout occurs, then go for sell again. Otherwise, we should let this pair to take little retrace and then we will enter sell again. 

Support level: 1.3390, 1.3335

Resistance Level: 1.3480, 1.3520

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