Since January 20 USDCAD corrects its earlier long uptrend. Declines are already 700 pips and price reached important level. Support at 1.3970 is strengthened by Fibonacci 38,2% of earlier upward movement. Furthermore declines formed characteristic ABC simple correction where C = 61,8% A. Nearest resistances: 1.4070, 1.4130, 1.4210, 1.4310.
Time-frame H1:
Wider view, time-frame monthly
In January USDCAD reached 1.4680 and it was 12-years high. Attempt of fast further upward movement without any correction failed. Uptrend is very strong and for now there aren’t any signals for a trend reversal.