USD/CAD is currently approaching the support of a rising trend line on its 4-hour chart. If this trend line support holds, the recent pullback from 1.3694 could be considered a consolidation phase within the larger uptrend that started from 1.3092. In this scenario, there is still potential for further upside towards the 1.3750 area after the consolidation.
On the downside, if the price breaks below the trend line support, it could indicate a potential bearish reversal. This could trigger a further downside move targeting the 1.3488 support level. If the price breaks below this level, it would confirm that the upside move has completed at 1.3694, and the next target for the downside move would be around the 1.3370 area.
To approach trading opportunities in USD/CAD, closely monitor the price action and the behavior around the trend line support. Consider the potential for continuation of the uptrend if the support holds and be prepared for a potential downside move if the support is broken. These critical levels will provide important insights into the future direction of USD/CAD.