USDCAD Daily Analysis – February 22, 2019

USDCAD is facing the resistance of the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the bounce from 1.3149 could be treated as consolidation for the downtrend from 1.3339, another fall towards 1.3100 is still possible after the consolidation. On the upside, a breakout of the trend line resistance would indicate that the downside movement had completed at 1.3149 already, then further rally to 1.3300 area could be seen.

USDCAD 4-hour chart