USDCAD 4H at a crossroad

Depending on the Dollar Index if the dollar continues to be bought or if it begins to be sold off will determine the direction of the pair on the 4H. Currently the Macd is in the over extended sold side and the blue line is heading up towards the Red line and 0 level line which can indicate a bullish pullback/reversal may be coming. If price breaks the lower support level of 1.2525 because of the Dollar Index then it will be a Bearish Continuation short trend. If price rises then my first entry is 1.2570 and my second entry will be 1.2600 as price heads toward my target of the 100 sma @ 1.2635.

Comment:

First entry hit @ 1.2570. Currently +22 pips. Price @ 1.2592 approaching second entry of 1.2600. TP is 100 sma @ 1.2635.