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A week ago, on February 14, the Canadian dollar reached the support of the embedded line within the green ascending channel on the weekly timeframe and subsequently rebounded. Together with the price, the Marlin oscillator also showed an upward movement.
The key resistance level to watch is 1.4278, which corresponds to the low from January 6 and serves as the lower boundary of a broad consolidation range between 1.4278 and 1.4464. Following a false breakout below this range on February 13, the price now appears to be attempting to re-enter it. The upside target is the upper boundary of this range, where three technical levels converge: the MACD line, the price channel line, and the boundary of the range. The expected timeframe for this movement is early March.
On the H4 chart, the price is breaking through resistance of the indicator lines. Consolidation above this level will enable the price to rise above 1.4278. The Marlin oscillator, firmly placed in the positive area, continues to support this.
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