USDCAD Breakout from Parallel Channel | Bullish Move Ahead?

USD/CAD has just broken out of a well-respected downward parallel channel, signaling a potential trend reversal. We saw a strong bullish impulse that pushed price above the channel resistance and now appears to be consolidating just above it.

🔍 What to Watch For:

Pullback Opportunity: Price may retest the breakout zone (~1.3640–1.3660). This zone could act as new support, providing a good entry point for buyers.

Upside Target: The next major resistance sits near 1.38542, offering a potential move of over 180+ pips from current levels.

Momentum: Bullish momentum is strong, suggesting a high probability of continuation after a healthy pullback.

📈 Bullish Bias remains intact as long as price holds above the breakout zone.
📉 If price drops back inside the channel, reevaluation of the bullish outlook will be needed.

🔔 Trade Idea: Look for long opportunities on a successful retest with confirmation (bullish candlestick or volume surge).

💬 What are your thoughts on this breakout? Are you long on USD/CAD or waiting for confirmation? Let me know in the comments! 👇