Base on the chart it look to me that the USDCAD is going in UP direction.
First. in daily chart USDCAD has already broken the lower high resistance since late Octorber.
Second, price level decline continuously since then but seem to stop at Fibo 78.6 level.
Third, zoom up to 4H chart I see the built up of buying pressure that push USDCAD to break 4H lower high resistance.
Forth, this time after resistance broken the price seem to recover very fast.
So I am guessing that USDCAD will go up and may be go back to the last daily high level around 1.29 or may be upper zone of the drawing channel at 1.31.
The strategy is to accumulate the position by enter the long position right now and SL below 1.24400 then after USDCAD break the recently 4h trend line go long another position and the next position is when close above 1.266 level.
First. in daily chart USDCAD has already broken the lower high resistance since late Octorber.
Second, price level decline continuously since then but seem to stop at Fibo 78.6 level.
Third, zoom up to 4H chart I see the built up of buying pressure that push USDCAD to break 4H lower high resistance.
Forth, this time after resistance broken the price seem to recover very fast.
So I am guessing that USDCAD will go up and may be go back to the last daily high level around 1.29 or may be upper zone of the drawing channel at 1.31.
The strategy is to accumulate the position by enter the long position right now and SL below 1.24400 then after USDCAD break the recently 4h trend line go long another position and the next position is when close above 1.266 level.