USDCAD Daily Analysis – February 6, 2014

USDCAD is facing 1.1031 support, a breakdown below this level will signal completion of the uptrend from 1.0588, then deeper decline to 1.0800 area could be seen. However, as long as 1.1031 support holds, the fall from 1.1224 could be treated as consolidation of the uptrend from 1.0588, one more rise towards 1.1500 is still possible after consolidation.

usdcad chart