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Looking at the potential scenarios which could come into play on USDCAD, the most risk-averse entry opportunity is likely to present itself with a break and candle close above the trendline or a break and then a potential retest. However, there is also the possibility of a push down toward the support level of 1.3660-1.3650 which provides an even better risk to reward opportunity. A break of this support does not invalidate the bullish bias however with long term support at the previous swing high on the weekly timeframe at 1.3300 holding the key to a shift in bias. A weekly candle close below the 1.3300 handle would invalidate the bullish setup.
Upside resistance and potential target areas rest around 1.3850, the psychological 1.4000 level, and 1.4170 handle respectively.
Upside resistance and potential target areas rest around 1.3850, the psychological 1.4000 level, and 1.4170 handle respectively.
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