USDCAD Daily Analysis – February 7, 2020

USDCAD broke below the support of the rising price channel on the 4-hour chart and moved sideways in a trading range between 1.3262 and 1.3308. A breakdown below 1.3262 support would indicate that the upside movement from 1.3035 had completed at 1.3308 already, then the pair would find next support at around 1.3200. On the upside, as long as 1.3262 support holds, the upside movement could be expected to resume, and further rise to 1.3350 area is still possible.

USDCAD 4-hour chart