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A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart).
Significant bearish rejection was observed around 1.3450.Hence, another consolidation range was established between 1.2800 and 1.3450.
On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market.
A bullish visit towards the resistance level of 1.4150 (Fibonacci Expansion 100%) was expected as a result of the bullish breakout above 1.3450.
Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4600 (141.4% Fibonacci expansion) where evident bearish rejection was expected (a bearish engulfing weekly candlestick).
On the other hand, the price zone of 1.3370-1.3400 remains a significant support zone to be watched for valid buy entries if the current bearish correction persists below 1.4100.
Trading recommendations:
As we expected, a valid sell entry was offered around 1.4650 (141.4% Fibonacci expansion). It is already running in profits.
S/L should now be lowered to 1.4350, while the next T/P level remains projected at 1.4000 if USD/CAD bears manage to maintain the current breakdown below 1.4100 (Fibonacci Expansion 100%).
On the other hand, conservative traders should wait for a daily candlestick closure below the level of 1.4100 to sell the USD/CAD pair. S/L should be located above 1.4150.
Initial T/P levels should be located at 1.4000 and 1.3850.
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