USDCAD Weekly Analysis – February 9, 2020

USDCAD broke above the falling price channel on the daily chart, suggesting that the downside movement from 1.3382 had completed at 1.2951 already. Further rally would likely be seen and next target would be at 1.3382 resistance, followed by 1.3500 area. Near term support is at 1.3220, a breakdown below this level could trigger another fall towards 1.3000.

USDCAD daily chart