USDCAD on the H4 timeframe maintains a fairly clear bullish structure within the rising price channel. After a strong surge to near 1.4020, the price is undergoing a slight correction towards the support area near 1.3960, which coincides with the channel bottom and a key support level on the chart.
The positive aspect is that the price remains above the Ichimoku cloud, indicating that the main trend has not been broken. If USDCAD holds 1.3960 and a bullish confirmation candle appears, buyers could push the price back towards 1.4030.
Regarding news, CAD remains under pressure as the Bank of Canada maintains cautious interest rates, the US-Canada yield spread widens, and oil prices weaken. This continues to support a short-term bullish scenario for USDCAD.
Entry focus: Wait for a buy reaction around 1.3960 – 1.3970.
Target: 1.4030.
Invalidation: The bullish scenario weakens if the H4 closing price is below 1.3940.
The positive aspect is that the price remains above the Ichimoku cloud, indicating that the main trend has not been broken. If USDCAD holds 1.3960 and a bullish confirmation candle appears, buyers could push the price back towards 1.4030.
Regarding news, CAD remains under pressure as the Bank of Canada maintains cautious interest rates, the US-Canada yield spread widens, and oil prices weaken. This continues to support a short-term bullish scenario for USDCAD.
Entry focus: Wait for a buy reaction around 1.3960 – 1.3970.
Target: 1.4030.
Invalidation: The bullish scenario weakens if the H4 closing price is below 1.3940.
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