USD/CAD Daily Analysis – Wednesday, Feb. 6

USD/CAD is facing the resistance of the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the bounce from 1.3068 could be treated as consolidation for the downtrend from 1.3374, another fall to 1.3000 could be expected after the consolidation. On the upside, a breakout of the trend line resistance would indicate that the downside movement had completed at 1.3068 already, then further rally to 1.3200 area could be seen.

USDCAD 4-hour chart

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