USDCAD Weekly Analysis – February 5, 2017

USDCAD broke below the upward price channel on daily chart and is now in downtrend from 1.3598. Further decline could be expected over the next several weeks, and next target would be at 1.2600 area. Resistance is at 1.3387, only break above this level could signal completion of the downtrend.

usdcad chart