USDCAD is making a pretty strong rise after the Bank of Canada lowered rates by 25 basis points as expected last week. The price is now testing the major trend line resistance of this triangle on the daily chart, and we are wondering if we can see a breakout, which is certainly possible in a risk-off environment, with lower stocks and alos lower crude oil. Looking at the 4-hour time frame of USDCAD, there’s even a chance that the rise from July 11th is an ongoing impulse, and that the current pause down from 1.3845 resistance is wave four, which will eventually push the price higher later this week, through resistance and into wave 5.
A daily close above 1.39 or so, will likely put much more upside pressure on the pair, as a major breakout could then be happening on the daily time frame.
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