USDCAD Daily Analysis – February 21, 2020

USDCAD moved sideways in a trading range between 1.3211 and 1.3278. As long as 1.3278 resistance holds, the price action in the range could be treated as consolidation for the downtrend from 1.3328, another fall towards 1.3180 is possible after the consolidation. On the upside a break of 1.3278 would indicate that the downtrend had completed at 1.3211 already, then further rise towards 1.3300 could be seen.

USDCAD 4-hour chart