USD/CAD The Canadian dollar had been consolidating for three days before today's upward breakout during the Pacific session. The price has already pierced the balance line with its upper shadow. After a brief pause at the zero line, the signal line of the Marlin oscillator has begun to rise confidently.
It appears the price is heading toward the target level of 1.3860 — the high from May 29. If this marks a trend reversal, even just a deep correction, then the nearest resistance levels — from 1.3749 (May 6 low) to 1.3797 (June 23 high) — are likely to be broken. A firm move above 1.3860 would open the path toward the next target at 1.4026, the April 3 low.
On the H4 chart, the price began moving upward after briefly and falsely dipping below the MACD line, and after the Marlin oscillator also made a false move into negative territory (gray rectangles). As of now, the price has consolidated above the MACD line. The uptrend is confirmed on both timeframes.
