USDCAD is retesting the broken resistance
USDCAD is retesting the previously broken upside resistance 1.3140. A close above 1.3250 is required for the upside continuation and extension higher to a new high. For a complete bearish downside reversal breakout and higher probability short trade entries, we need to see a confirmed break below 1.3000. A break below this level would lead to a deep pullback to 1.2800. The overall long-term is an uptrend and we need to see a break above 1.3400 for a complete upside reversal and a continuation higher.
Note – We are inclined more to long trade entries with the stop loss below 1.3000
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