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Long USD/CAD, Rate Differential and Price Action Support Further Upside

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.

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