The (USDCAD) is trying to complete a 5th straight green weekly candle, and appears to want to test the 2022 high and psychologically key 1.30 whole figure level by early May.  A monthly close above 1.30 would signal the completion of a major bottoming effort since June 2021 (seen more easily on a monthly chart at tradingview.com). Nevertheless, with the USD trying to gain for a 5th straight day, it is increasingly vulnerable to first seeing healthy profittaking with the 4hr chart ascending wedge nearing completion.  Watch for volatility to rise following today’s 830am EST US GDP data and after Friday’s US Core PCE Price Index change release, along with any signs of escalation or ceasefire in the Ukraine-Russia conflict.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on GBPAUD, WHEAT

USDCAD Weekly/Daily/4hr

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