USD/CAD – Upside potential

 

Taking a look at USD/CAD, we have some good potential coming up here that could offer a great reward to risk for buyers.

Looking at the chart, we can see that price made a large move down recently coming into the base of the weekly channel around 1.2965. This is a very strong area for the pair structurally and we seem to be respecting it nicely at the moment with price stalling.

 

We also have to keep in mind that the large selling pressure we have had lately needs some relief so it makes perfect sense for us to bounce here. I would definitely have this one on my watchlist and would be looking to buy all the time this support area holds.

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