USDCAD Daily Analysis – February 5, 2018

USDCAD broke above the falling trend line on its 4-hour chart, suggesting that lengthier consolidation for the downtrend from 1.2920 is underway. Further rally would likely be seen and the target would be at 1.2500 area. Near term support is at 1.2370, only break below this level would bring price back towards 1.2247 support.

USDCAD 4-hour chart