Long

USDCAD Breakout Done

This 4-hour USDCAD chart captures a classic breakout setup as the pair surges through the descending black trendline resistance after grinding in a tight range around 1.3680-1.3700, with the upward arrow signaling strong bullish momentum pushing price to 1.36832 up 0.04 percent amid renewed dollar strength and oil price stability capping CAD gains. Fundamentals from Forex Factory today February 26 2026 show CAD current account Q4 expected at -8.2B versus prior -9.7B which if better could support the loonie, while US initial jobless claims at 217K actual against 206K forecast indicate slight labor market softening pressuring the greenback mildly, alongside upcoming FOMC Bowman speech and EIA natural gas storage adding volatility potential; recent commodity currencies rose on risk-on flows but USDCAD holds firm above the blue support at 1.3700 with higher highs and lows intact from mid-February lows around 1.3650. Technically the breakout from the falling wedge favors continuation higher targeting 1.3750 then 1.3800 if claims data or Fed comments keep dollar bid, with RSI climbing but not overbought yet offering room for extension; Im positioning long here on pullbacks to 1.3670-1.3680 with tight stops below the breakout level for a high-reward profitable forex trade in this commodity-linked pair as broader dollar resilience versus CAD dovish undertones drives the move.

AndrewsMarket-Mastery

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AndrewsMarket-Mastery

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