USDCAD Daily Analysis – February 1, 2018

USDCAD extended its downside movement from 1.2590 to as low as 1.2247. As long as the price is below the falling trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.2150 area. Only a clear break above the trend line resistance could bring price back into 1.2500 zone.

USDCAD 4-hour chart