USDCAD has broken out of a falling wedge, we can see that caddy is about to has clearly spiked our support region of 1.27500, our moving average and fibonacci region of 61.8 - 78.6. With this all coming together in confluences I am quite confident that USDCAD can rise up +-200 pips all the way to 1.29500. However, I do expect a we need to have a short correction on Monday 1st February 2021 all the way to 1.27500 , a retest on the broken trend line and possibly a bullish candle closure to confirm my upside target of 1.29500.
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currently at 2 Feb 10:00 CAT , we have a strong psychological level of 1.28500 that has 3 wick rejections and needs to be broken to continue the push to the upside.