USD/CAD has been on the march in recent days and had broken through an important daily resistance. It would be expected to extend to rally to the upside in due course. The following illustrates the recent price action and market structure.
The daily chart's outlook is bullish given the price has already moved in on the 61.8% Fibonacci and broken prior resistance that would now be expected to act as support.
The price, however, from a 4-hour perspective, has dropped hard and the structure offers no bullish tendencies as of yet. There are probabilities of a period of consolidation for the sessions ahead if not a test lower towards 1.28 the figure.
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