The US dollar is consolidating against the Canadian dollar again, as traders await the outcome of the much-anticipated June OPEC meeting. The USDCAD pair remains bearish across the lower and higher time frames could tumble sharply lower this week if sellers are able to break the 1.2028 support level. Overall, a rally in oil prices should cause the Canadian dollar currency to appreciate further.

The USDCAD pair is only bullish while trading above the 1.2090 level, key resistance is found at the 1.2140 and the 1.2200 levels. If the USDCAD pair trades below the 1.2090 level, sellers may test the 1.2028 and 1.1980 levels.

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