USDCAD has pulled back from support area. 1.2370 was good support area for this pair. This pair has rejected from that level and start bullish rally again. Now it got back bull power. So we can expect more bullish movement on this pair. Next target will be 1.2700 area. On the chart, we can see that this pair has broken triangle. We can take buy entry from retest of this triangle.
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In Technical Indicators view
In daily chart, MACD indicator is above 0.0 level which indicates continuation of bullish movement
In daily chart, RSI indicator value is 60 which also indicates bullish power of usdcad.
50, 100 and 200 Moving averages are also giving buy signal on usdcad
In summery, all types of indicator are giving strong buy signal. So our recommendation is to stay on upside on usdcad.
Weekly Pivot, Support and Resistance
Resistance Two (R2): 1.2970
Resistance One (R1): 1.2747
Pivot Point: 1.2549
Support One (S1): 1.2326
Support Two (S2): 1.2128