USDCAD: Important Breakout & Technical Outlook
Updated
USDCAD is trading within a major falling parallel channel on a daily.
Last week its support was reached, and the consequent reaction was very impulsive:
the price managed to violate a resistance line of a falling wedge pattern and close above that.
Now bullish continuation to the resistance of the major channel is expected.
Broken resistance of the wedge and 1.278 local horizontal structure serve as a local demand area right now.
If you missed long opportunity, I would recommend waiting for a pullback first.
Note
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