USDCAD’s immediate trend is bearish until the dynamic resistance is breached. The 21 MA has been holding price down, in confluence with dynamic resistance, price breaking this will likely lead into a price expansion.
The weekly S/R is a major technical level that price is testing; this is a pivot as price is coiling in its apex. A break in either direction will be noticeable.
The oscillators both have a technical bullish divergence, this increase the probability of breaking bullish, however confirmation will still need to be on a break of dynamic resistance.
Overall, in my opinion, USDCAD is a valid long after breaking key resistance. Price action is to be used upon discretion/ management of trade.
Hope this helps!
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