Forecast of the USD / CAD currency pair 17/06/20

Today we continue to monitor the USD / CAD currency pair. Notice that the pair is hovering close to the technical support area of 1.3510–1.3525 and a break of the marked price range can trigger a big selloff, to the level of 1.3430, and then to 1.3370. On the way to the marked target levels, there is one more - 1.3460.

Trading Outlook:
The main scenario remains unchanged and will be eventuate with a breakthrough of the support level at 1.3510. This scenario will be cancelled if the pair returns above 1.3580 and, as a result, a breakthrough of the trend line drawn along the previous two highs.
The alternative scenario takes into account the breakthrough of resistance at 1.3600 and further growth to 1.3680-1.3700. This scenario will be realized with an unexpected growth in oil reserves in the United States and, as a result, a collapse in oil prices.
I will draw your attention to the latest inflation figures from Canada, as well as data on oil and petroleum product reserves in the United States. A general decrease in stocks may support the CAD, contributing to the implementation of the main (bearish) scenario.
The above review is not a direct guide to action,but carries an exclusively recommendatory nature.