USDCAD Weekly Analysis – February 2, 2019

USDCAD broke below 1.3179 support and extended its downside movement from 1.3664 to as low as 1.3068. As long as the price is below the falling trend line on the daily chart, the downside movement could be expected to continue and next target would be at 1.2900 area. The key resistance is at 1.3375, only break above this level could signal completion of the downtrend.

USDCAD daily chart