USD/CAD is currently showing a strong uptrend on the 4-hour chart, with the pair remaining above a rising trend line. This uptrend dates back to the 1.3092 level. As long as the trend line support holds, it is reasonable to anticipate a continuation of the upside movement. The next target for the pair would be around the 1.3700 area.
However, it is crucial to monitor the downside as well. If there is a breakdown below the trend line support, it could signal a potential reversal. In such a scenario, the price could retrace towards the key support level at 1.3495. A further move below this level would suggest that the upside move has already completed at 1.3639, and the pair may find the next support level around 1.3450.
Traders should closely observe the price action, paying attention to the behavior of USD/CAD near the trend line support and key support levels. These levels will provide valuable insights into the future direction of the pair.
