Having recently commented on USDCAD’s small correction which was anticipated for intra-day trading, the long-term picture suggests potential upside movement.

Having completed an ascending triangle formation in early November 2024, USDCAD has been trading one way to the upside. Interesting to add, that the equal distance move expected following this formation, matches exactly March 2020 high at 1.4668!

Recent consolidation is apparent between 1.4335 and 1.4450 which is mainly due to the downward facing trendline starting from March 2020, but with USD dynamics kicking in – the probability that USDCAD reaches 1.4668 following a clear break above 1.4468 is in the cards!