The USDCAD is catching its breath going into today’s European morning, digesting yesterday’s reclaiming of last week’s high. Significantly, the USDCAD is gathering steam in its upchannel extension (on the weekly chart), where odds are now fairly high for a test of the 2021 high by Q1 sometime. Nevertheless, healthy consolidation will likely first kick in ahead of the weekend as the USDCAD nears upchannel resistance (on the daily 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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