USDCAD Breakout Confirmed — Is the Next Bullish Wave Beginning?

USDCAD() appears to have successfully broken through a resistance zone(1.4183 CAD-1.4089 CAD) and, over the past few days, is now completing a pullback toward that area, which may now act as support.

From an Elliott Wave perspective, USDCAD seems to have completed its Wave 4, with Wave 4 forming a Double Three Correction(WXY).

I expect, given the DXY index() is still in a bullish trend, that USDCAD can continue its bullish move and potentially rise toward 1.4261 CAD.

Target: 1.4261 CAD.

Stop Loss(SL): 1.4148 CAD

Points may shift as the market evolves.

What’s your view on USDCAD? Can it continue its bullish trend, or not?

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📌U.S. Dollar/Canadian Dollar Analysis (USDCAD), 4-hour time frame.

🛑 Always set a Stop Loss(SL) for every position you open.

✅ This is just my idea; I’d love to see your thoughts too!

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Transaction en cours

Trade fermée: ordre d’arrêt atteint

Stop Loss(SL) was touched

Transparency is always important to me, and I will announce if the Stop Loss(SL) is touched

Since the Canadian dollar (CAD) is closely linked to oil prices, developments in the energy market can have a significant impact on its value.

Note: The Canadian dollar is considered a commodity currency, and crude oil is the most important commodity influencing it. This is mainly because Canada is one of the world’s largest oil exporters, particularly to the United States.

Following the renewed military tensions in the Middle East and the rise in oil prices, the CAD strengthened. The logic is straightforward: higher oil prices increase Canada’s export revenues, which can boost demand for the Canadian dollar and support its value.

However, I expect USDCAD to react to its support lines. Since I believe the DXY may continue its bullish trend, USDCAD could potentially resume its upward movement.

That said, developments in the Middle East must be monitored closely, as any further escalation could push oil prices higher, strengthen the CAD again, and limit the upside potential of USDCAD.

pejman_zwin

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