USDCAD Daily Analysis – Tuesday, Feb. 6

USDCAD extended its upside movement from 1.2247 to as high as 1.2565, facing 1.2590 resistance.

A breakout of this level will indicate that the downtrend from 1.2920 had completed at 1.2247 already, then further rise to 1.2750 area could be seen.

On the downside, as long as 1.2590 resistance holds, the price action from 1.2355 could be treated as consolidation of the downtrend, and another fall towards 1.2061 support is still possible.