The USDCAD is still in uptrend but the recent bounce in gold prices and Canadian core retail sales with unexpected rate hold have endangered the bullish zigzag.
Technically we could see a deeper retracement towards POC and we can see that 2 way trading with USDCAD is possible. Generally speaking the pair is still uptrend but we need to pay attention to 2 POCs. The first POC is SHORT POC (WPP,H3,Double Top) within 1.4300-20. Any rejection from the zone could lead to 1.4100 retest and further down towards LONG POC (L3, 78.6, previous breakout spot/bullish order block) within 1.4020-30. If the pair gets to this zone we should expect a bounce towards 1.4300. Only above H4 X-cross 1.4450 we can expect another strong uptrend impulse towards current Rooftop/H5 – 1.4690.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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