Last week USDCAD rallied towards resistance of 1.3450, but retraced back down without being able to make a new high. Therefore, it is expected to reach for the support zone as shown on the chart below.
It is preferable to wait until the pair reaches towards the support zone. Once there, look for supportive and bullish candles. The target of a long trade could be the resistance at 1.33450.
Disclaimer: Our analysis and forecasts given on this website are just our point of view about the market. It is not a trading signal or investment advice.