Lets start off, by looking at the overall picture of USDCAD. We can see a nice double bottom pattern in the daily chart which I believe a nice "W" shape can occur. If we look closely, we can see that price level rejected off a key trend support level with a nice BULLISH upside movement. As of now, I am seeing a possibility for USDCAD to hit the 78.6 fib level where we can see a retest of 61.8 fib level (also a strong support level at that price level) before we see a continuation in the BULLISH movement up till 161.8 fib level and if breakthrough the first strong resistance level (bold line) definitely we can see it reaching 261.8 fib level. As of now, I am BULLISH for USDCAD but do look out for potential news which may update the movement of USD.
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Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!