The last couple of weeks the pair of USDCAD moving uptrend and last week it moved as downtrend also. USD index seems very strong and I don't know what will happen from tomorrow with that price with that kind of situation but I like to share my technical point of view on the USDCAD pair,
Right on the chart you guys can see the price create a nice potential Bull Flag Pattern and it is still moving inside the pattern level, the higher line or lower line still not break yet, and also within that channel price create another Bullish trendline with one hour time.
If the break of the channel upper line confirms then we will get again a Bullish trend with this week but if the price does not break above and break below the Bullish trendline which is drawn inside the Flag Pattern then we have a strong downtrend for this upcoming days. If the bearish trend starts from tomorrow then we can take our target to the lower demand zone of 1.3750
Right on the chart you guys can see the price create a nice potential Bull Flag Pattern and it is still moving inside the pattern level, the higher line or lower line still not break yet, and also within that channel price create another Bullish trendline with one hour time.
If the break of the channel upper line confirms then we will get again a Bullish trend with this week but if the price does not break above and break below the Bullish trendline which is drawn inside the Flag Pattern then we have a strong downtrend for this upcoming days. If the bearish trend starts from tomorrow then we can take our target to the lower demand zone of 1.3750