USD/CAD Daily Analysis – Thursday, Feb. 7

USD/CAD broke above the falling trend line on the 4-hour chart, suggesting that the downside movement from 1.3374 had completed at 1.3068 already. Further rally is still possible and next target would be at 1.3280 area. Near term support is at 1.3170, a breakdown below this level could trigger another fall towards 1.3050.

USDCAD 4-hour chart

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