USDCAD has also had a large sell off in the previous months. I expect price to retrace up into the range. Do we go lower from there? Maybe. On the medium term I'm bullish until something big changes my mind.
Note: All ideas shared here are for learning and educational purposes only. Any trade taken on this projection is done so under your own risk.
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USDCAD so far showing strength at the levels anticipated. Next key upside is 1.2600.
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Price broke through the 1.2600 level as indicated. This supports the move higher.
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USDCAD has moved steadily higher. Would not be surprised to see a retracement back to 1.2580 on the back of BOC Rate release. Otherwise, next upside is 1.2780.