FX:USDCAD   U.S. Dollar / Canadian Dollar
From a technical perspective USDCAD could run up by roughly 300 pips if it closes above 1.2910 mark. The RSI is not over bought, MACD is showing the start of a move higher as the histogram has moved over the zero line. ATR is decreasing, showing less volatility which is a very common indication on market direction being long. The trend lines show a clear stair step higher with the 1.29 handle being key to any upside move.

The next resistance level comes in at 1.32, giving this trade a solid 300 pip upside. Just need a daily candle to close above to set up a buying opportunity.

The downside to this that oil and CAD are correlated. So if oil surges USDCAD will go in the opposite direction. Just something to keep an eye on.

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