USDCAD Daily Analysis – February 5, 2020

USDCAD stays in a rising price channel on the 4-hour chart and remains in the uptrend from 1.3035. As long as the channel support holds, the pullback from 1.3303 could be treated as consolidation for the uptrend, and further rise to 1.3350 area is still possible after the consolidation. On the downside, a clear break below the channel support would indicate that lengthier consolidation for the uptrend from 1.2951 is underway, then the pair would find next support level at around 1.3230.

USDCAD 4-hour chart