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USDCAD is in a long-term ascending channel which it has been holding since July 2021. This is actually a bearish pattern and is expected to pull to the downside in the long run provided that it can break through the rising level of support that it has been respecting since July (indicated by the lower white line). The target for this move will be at 1.22804 as indicated by the red line on the chart. It is possible that this move might already be in play as we can see that since the 20th of September, the price has been respecting a resistance line within the wedge and this is indicated by the green line on the chart. If USDCAD breaks below the lower white line which is the support for the wedge, then we might expect it to reach the long-term target at 1.22804. However, if this green line is violated, then this current move to the downside would be invalidated in the short term.

Please remember to always wait for confirmation in either direction.