CAD has retraced from a strong Resistance level and price is now sitting at the support level of a rising channel. If we get a Bullish signal here, I will take a Long position targeting 1.2570 with a stop loss at 1.2480. If price is unable to break above 1.2525, then we could see price heading lower at least to 1.2470.
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We still do not have a bullish set up & the Bears appear to be in control. Price unable to break above 1.2525 & could be preparing to break below the bull channel. A Break and Test of the channel will be a short. We do not have any convincing price action yet. Still waiting.
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Price unable to break above 1.2525 & broke below the Bull channel during the FOMC meeting minutes yesterday. Price could head lower to 1.2415. Sell the rallies.