USDCAD weekly outlook:
Seen a recent formation with a strong uptrend holding. Naturally, we are looking to break this line and rally back to support levels. We still have to consider further control if we break above the highs.
- To be a bull in this pair we are waiting for a break of trend and target previous levels. USD is likely to be having a rate cut in the very near future which further supports a bear break. We need to confirm.
- To be a bull on this pair we can look for bull failures from the moving average. Although we have seen a triple top, there is still scope to head north. USD will be busy so price action will need to follow for opportunities.