FX.co ★ Expecting a pull back in USDCAD

USDCAD is trading the last couple of days between 1.3350 and 1.3420. Price is consolidating near recent highs. If resistance at 1.3420 is broken we should expect price to continue higher towards 1.35, but our most probable scenario is a pull back towards 1.33-1.3275.

Green rectangle - target

USDCAD has made a triple short-term top at 1.3420 confirming the resistance at that price level. Breaking it will be a bullish sign for more upside to come. However I expect price to move lower towards the support trend line. When and if price reaches this trend line, we will re-evaluate the possible scenarios.