USDCAD is likely to remain bullish throughout this year. Price targets are 1.35 and 1.43, however the road to higher prices looks bumpy. One of the key level is 1.303 where a pull-back might happen. The second major resistances are the area between 1.322 and 1.328.
There are two possible scenarios for the next two weeks:
Scenario 1: USDCAD is unable to breach 1.303 and forced to fall around 1.294 prior to reach higher levels
The assumption underlying this scenario is that USDCAD needs to gather more strength before advancing toward 1.322
Scenario 2: USDCAD breaches 1.2935 and falls back to around four weeks low around 1.28 and then start moving up toward key level of 1.303/1.322
There are two possible scenarios for the next two weeks:
Scenario 1: USDCAD is unable to breach 1.303 and forced to fall around 1.294 prior to reach higher levels
The assumption underlying this scenario is that USDCAD needs to gather more strength before advancing toward 1.322
Scenario 2: USDCAD breaches 1.2935 and falls back to around four weeks low around 1.28 and then start moving up toward key level of 1.303/1.322
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.