We can see price has just bounced off our support level and no we can see a bullish run up to our resistance zone ( green box )
This analysis lines up or correlates with an oil trade we have on, this is because as the price of oil goes down this pairing goes up ( inverse coloration ) if you want to know more about why this happens then inbox me or use google ;p ...
We have seen price bounce back from the 1.34530 area to 1.32831 where it meets previous support.
We also see a daily inside closure and further upside movement on the pair today.
Further confirmation of the following can be taken in to consideration also.
1 - Daily Inside bar closure above the previous day - shows us buyers are coming into the market...
The US Dollar has been motoring over the Loonie for a while now and it has reached a demand point which has shown to be a turning point. We could see this pair going down to possibly 1.25000 psychological level.
Okay guys firstly it is NFP tomorrow, however USDCAD daily chart is indicating a swing in play. Therefore following technicall analysis we should see a weaken dollar, I would suggest to expect to see lows of 1.28500 within next week.