With a strong bearish rally on OIL yesterday, CAD pairs are nicely reacting.
USDCAD formed a high momentum bullish candle on a daily. Approaching a daily falling trend line, the price is currently forming an ascending triangle (classic bullish accumulation pattern).
To catch the next swing move, wait for a bullish breakout of 1.25 horizontal resistance of the triangle (daily candle close above). Then buy on a retest.
Next supports: 1.2645 1.2735
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I expect a lot of choppy behavior after testing 1.26200-1.26500. Bank of Canada is planning to taper economy earlier than US, however, oil will probably decline(without a new deal) for a bit to find its buyers. On weekly and monthly timeframes, I’m assuming we are going to test 1.3, but before that, as you said, we need to brake a lot of resistance. Good luck!