Short term correction upside towards Resistance 1.2980 & 1.3160$USDCAD Price holding Multi-month Support level 1.2690$ and Looking bullish momentum near term. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. USDCAD is facing bullish pressure, as the price has just broken above the descending trendline resistance. We could potentially see a bounce from our buy entry-level, in line with our 61.8% Fibonacci retracement level 1.3126$ and LONG TERM 161.8% Fibonacci extension level 1.3600$, and further rise up to our take profit levels which are in line with our horizontal swing high resistance levels.
Alternative Oil hit multi months high 52.10$ and Pre-Civud levels, Overall world still facing uncertainty and lockdowns, Could send oil again back to 40$ level due to low demand.If Oil start correctio downside towards support 48$ 42$ and 38$ we could see USDCAD bonus back to long term 1.3800$
🛑SUPPORT/RESISTANCE
✅S1= 1.2710
✅S2=1.2590
✴️R1=1.3160
✴️R2=1.3420
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