Key Support: 1.2630
Key Resistance: 1.2650 – 1.2750
The USDCAD bounced off the 1.25 level last week creating a nice 247 pip weekly range on a +1.97% bullish run (low to highs). We are looking at a possible USD bullish breakout today which could bring bullish momentum in this market.
The 1.2690 to 1.27 level is capping the upside here but the overall bullish structure remains intact.
The highest probability trade is to the upside but should CPI numbers miss expectations short term sellers are hitting the bid in the USD bringing bearish momentum here.
My trade rationale, however, is looking to add to my already long trade from last week on a breakout of this continuation pattern.
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