USD/CAD is currently in a consolidation period on the D1 timeframe. Price has tested D1 support and W1 resistance a few times at this point. If price breaks through the D1 support then a short entry will be on the table. If price holds and breaks W1 resistance, then we should see a nice long opportunity.
Looking at the overall technical analysis from our free charts, we see that USD/CAD is in a Strong Long Zone.
If price breaks to the downside and candle body holds below support of 1.329471, then a short entry with a target range of 1.323743 – 1.312849 will be the goal.
If price breaks to the upside and the candle body holds above resistance of 1.342948, then a long entry with targets of 1.348451 – 1.358109 will be our target.
Cheers to another successful week!