USDCAD: Trading at a Potential Support Level

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD broke above resistance a few weeks ago and has now pulled back towards the zone. If the level holds, then we could say that it has confirmed it as new Support. The 200 SMA is also here now, which may provide further support for this level.

If this level proves itself to be bullish, I'd expect USDCAD to make its way up to about 1.39-1.40 during the short–midterm.

On the higher timeframes the CAD looks set up to underperform most of the Major G10 Currencies