1-hr USD/CAD: The Bulls Are In Control
After the announcement of Trump’s proposed tariffs on Canada, USD/CAD surged by 200 pips within hours. Following this sharp increase, the pair experienced a correction, which drew additional buyers, reinforcing the clear and strong upward momentum. Currently, a Multiple Top pattern is forming near 1.4180, a pattern historically associated with breakout opportunities. However, short-term pullbacks remain likely, particularly given the ongoing market volatility. Traders looking to align with the broader uptrend in USD/CAD may consider waiting for such a pullback to secure a more favorable risk-reward ratio. Immediate support around 1.4130 stands out as a potential entry point, especially since it coincides with the 23% Fibonacci retracement.
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