USDCAD moved sideways in a trading range between 1.3164 and 1.3347. The price action in the range is likely consolidation of the downtrend from 1.3793 (May 5 high). Another fall could be expected after the consolidation and next target would be at 1.3050 area. Key resistance is at 1.3400, only break above this level could signal completion of the downtrend.
