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USDCAD Trying to Bounce Off 3 Month Uptrend Support

The USDCAD is continuing its week plus firming effort near the psychologically key 1.26 whole figure level. Significantly, with volatility certain to surge following Friday's highly anticipated US Non-Farm Payrolls (NFP), odds are moderately high for a break of upchannel support (on the daily chart) by Monday, with lower odds for a close this week below the weekly chart's prior downchannel resistance. Any stronger selloff to the 50% Fib retrace of the May to August rally will unlikely last more than a few days, buffered by the August break above the weekly chart downchannel resistance. The weekly, daily and 4hr RSI, Stochastics and MACD are mostly bottomish, rallying or consolidating recent gains. 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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