FX.co ★ USD/CAD

For the USD/CAD pair, a complicated start to the trading week is shaping up, since according to my Envelopes there are now two levels that USD/CAD will have to test in sequence, and it’s just unclear in which order. It needs to drop to the 1.3956 support and at the same time rise to the 1.4085 resistance before continuing its decline. Therefore, as I see it, the simplest option would be to fall from the current level of 1.4020 to the 1.3956 support and then bounce back to the 1.4065 resistance. In any case, as a trading setup in USD/CAD, there will be a sell option on a rebound from the 1.4065 resistance, or a buy from the 1.3956 support, depending on which one is reached first.