USDCAD: Dollar comeback on Monday!

8 Sep 2023

On the USD/CAD pair, we have a bearish setup following today's very favorable news for the Canadian dollar. The price has broken a swing low at the level of 1.3679, effectively paving the way for a bullish scenario. This scenario could also occur if the price reaches the 1.36 area, where we have a significant demand zone that could influence the price. Naturally, I will be looking for a breakout to the upside during the opening of the American markets on Monday, and in case of confirmation on the 15-minute chart (M15), I will enter a long position with the target at the swing high level of 1.37.