USDCAD is challenging major short-term channel resistance. The announcement of the unemployment rate better than expected is giving a lift to the Dollar, pushing USDCAD higher. Price is still inside the bearish channel but if this Dollar strength continues, we could see the end of the short-term bearish trend.
Blue lines - bearish channel
USDCAD is trading at 1.3129. We have exited all our short positions at our target of 1.30 and expected this bounce at 1.31-1.3150. Since our last analysis we are bearish at 1.3130 again with 1.3230 stop and 1.29 as target. Price is making higher lows. So the key short-term support bears need to break is at 1.3075, previously at 1.3030. So now a break below 1.3075 will increase the chances of our bearish view.
