USDCAD Daily Analysis – February 4, 2019

USDCAD extended its downside movement from 1.3374 to as low as 1.3068. 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 1.3000 area. Only a breakout of the trend line resistance could signal completion of the downtrend.

USDCAD 4-hour chart