USDCAD Daily Analysis – February 9, 2018

USDCAD extended its upside movement from 1.2247 to as high as 1.2614, breaking above 1.2590 resistance. Near term support is at 1.2489. As long as this level holds, the uptrend could be expected to continue and next target would be at 1.2700 area. On the downside, a breakdown below 1.2489 support would indicate that corrective consolidation for the uptrend is underway, then deeper decline to 1.2400 area could be seen.

USDCAD 4-hour chart