USDCAD Daily Analysis – February 3, 2014

USDCAD’s upward movement from 1.0588 extended to as high as 1.1224. Initial support is at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.1350 area. Key support is at 1.1031, only break below this level will indicate that the uptrend from 1.0588 had completed at 1.1224 already, then the pair will find support around 1.1000 area.

usdcad chart