The daily chart of the USD/CAD is in a distribution market cycle and this sets up an distribtion fade entry long off support. While I am sharing a longer term upside target in the chart below, there wll be resistance at a minor downtrend line at 1.0400 and a ceiling at the 1.0600 major psychological level.
The Stochastic (I use a 21 setting) was ovesold as prices reached the floor an now it’s heading higher towards overbought, which could indicate potential exhaustion at the near-term 1.0400 target.
Chart date range 25-Mar 00:00 GMT-> 09-Aug 00:00 GMT
Data Interval Daily
SummaryTarget Level 1.0675
Stop Level 1.0106