The way the pair has consolidated within a descending channel following the March rally looks constructive to me.
Furthermore, the USDCAD has been pushing on channel resistance while carving higher lows.
That’s indicative of an upcoming bullish break.
I could be wrong, and the 1.4130/40 resistance area could turn USDCAD lower this week.
In which case, keep an eye on 1.3850.
But if USDCAD buyers do secure a daily close above 1.4140, watch for that area to become new support.
Key resistance above 1.4140 comes in at 1.4340 and 1.4660.
Furthermore, the USDCAD has been pushing on channel resistance while carving higher lows.
That’s indicative of an upcoming bullish break.
I could be wrong, and the 1.4130/40 resistance area could turn USDCAD lower this week.
In which case, keep an eye on 1.3850.
But if USDCAD buyers do secure a daily close above 1.4140, watch for that area to become new support.
Key resistance above 1.4140 comes in at 1.4340 and 1.4660.