USD/CAD: Daily Technical Analysis For February 5, 2014

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Fundamental Analysis:

The Canadian dollar slumped against the greenback in today’s trading session after weak disappointing data from the loonie. The Richard Ivey School of Business said its PMI fell to a nearly four-year low of 45.4 last month from a reading of 55.4 in December which weakened the single currency.


Technical Analysis:

The short term bottoming of the bullish trend after price closed below 1.2607 support (Jan 30 low) forming an engulf pattern for sell retracement seems to be over and we will see price push up back to 1.27968 resistance (Jan 30 high)

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