USDCAD Daily Analysis – February 5, 2014

USDCAD moved sideways in a range between 1.1031 and 1.1224. As long as 1.1031 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.0588, one more rise towards 1.1500 is still possible after consolidation. On the downside, a breakdown below 1.1031 support will indicate that the uptrend from 1.0588 is complete, then deeper decline to 1.0800 area could be seen.

usdcad chart