USDCAD – Corrective Consolidation Near the Highs (4hr chart)
For the last few days, the USDCAD has been in a corrective price action formation near the highs, consolidating in a re-balancing area between 1.1570 and 1.1665. This price action structure generally leads to a bullish leg higher.
As long as this tight range holds, look to get long on pullbacks into the range support. Upside targets are the range highs and a potential move up to the multi-year resistance around 1.1850.
Also in our members trade setups commentary today, we cover the EURUSD, GBPUSD, USDCHF, AUDUSD & WTI. Click here to become a member.