USDCAD Analysis

• Monthly candle closed as a hammer above the monthly support - 1.1245
  
• Possible 'ABC' setup on the lower timeframes with confluences of the monthly resistance plus rejection of the 78.2% level. Next possible target is - 1.1900 provided that price breaks counter trendline and we see the MAs crossing over on the H4 time frame followed by Lower highs and Higher lows.
  
• Will be monitoring this pair closely; awaiting lower high formation.