USDCAD Daily Analysis – February 4, 2014

USDCAD is facing 1.1031 key support, a breakdown below this level will indicate that the uptrend from 1.0588 had completed at 1.1224 already, then deeper decline to 1.0800 area could be seen. On the upside, as long as 1.1031 support holds, the price action in the trading range between 1.1031 and 1.1224 could be treated as consolidation of the uptrend from 1.0588, one more rise towards 1.1500 is still possible.

usdcad chart