USDCAD is set to go 700 pip up!

💹 Trade Setup USD/CAD
USD/CAD has formed a bullish channel with recent formation of inverted head and shoulder on the support level of the rising channel.
Weekly price action is has shown strong rejection from the support level with multiple liquidity grab.

with weaker CPI 2.9% where the forecast is 3.1% on CAD as well as continued bearish trend in Crude Oil ( as CAD is highly influence to WTI price ) putting CAD under pressure, While strong NFP data Non-Farm Employment Change 119k while forecast 53k boosting DXY making USD /CAD one of the strongest USD currency pairs to trade on

📈Trading Idea :
Look for bullish setup after false breakout of daily support at 1.4080 and rejection above
✈️Targets
1st Resistance 1.4543
2nd Resistance: 1.4799
🔴Stop level
at or below 1.3971 as this is the lower shadow of the inverted head and shoulder.


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