The USDCAD is edging higher going into today’s European morning, consolidating yesterday’s 100 pip plus reversal off its intraday low. Significantly, the USDCAD is now well on its way to extending an upchannel (on the weekly chart) over the next few months, with the October low significantly higher than the May low. Nevertheless, despite reclaiming the psychologically key 1.25 whole figure level, the USDCAD is due for some healthy profittaking as soon as today as it bumps against upchannel resistance (on the 4hr chart). The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish or rallying. I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).
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