USD/CAD has decreased a little in the short term after failing to make a new high, to jump above 1.3418 level. Still, the pair is trading within an uptrend on the H4 chart after escaping from the major down channel's body.
The bias is bullish as long as the quote stays above the uptrend line. An upside momentum from the uptrend line and a breakout of 1.3418, a new higher high, peak high, validates a larger upside movement.
A drop below the uptrend line followed by a retest could announce a deeper drop in the short-term.
USD/CAD Trading TipsBuy USD/CAD if the quote jumps above 1.3418 and reaches 1.3430 level. You can use 1.36 as a potential target.
A failure to get back above 1.3376 and a drop below the uptrend line brings a selling opportunity.