USDCAD is trading around 1.34. Our bullish targets have been achieved and at the end of the week we find USDCAD near its weekly highs. Short-term trend is bullish but price is now at an important resistance area.
Green rectangle - consolidation area now support
USDCAD has reached the upside target and I prefer to lower my bullish exposure as price is at its target area and the RSI is at overbought levels with a minor bearish divergence. There is no reversal signal but next week could start with Dollar weakness. Aggressive traders should look for a reversal from current levels. The RSI bearish divergence is a warning sign and not a reversal sign. Price continues to make higher highs and higher lows. Trend remains bullish.