USD/CAD hasn’t fixated below 3/8 Murray Math Level and broken Super Trend Line, that’s why the bullish outlook is on the table. However, 4/8 MM Level has acted as resistance, which stopped bulls and led to the current consolidation. Thus, the pair is likely to test Super Trend Line, which could be a starting point for an upward price movement.
It’s essential that the market should break and fixate above 4/8 MM Level to confirm this scenario. If this happens, there’ll be an open door for bulls to achieve 5/8 MM Level, which is a key for the next pair perspective. This level could lead to a local bearish correction. However, if the price goes through it little later on, there’ll be a significant bullish opportunity to develop a rally in the direction of 7/8 MM Level.
The bottom line is that USD/CAD is getting bullish. We should watch the current consolidation between 4/8 MM Level and Super Trend Line. If there’s a pullback from ST Line, we should be ready for a bullish price movement towards 5/8 MM Level. Additionally, we should keep in mind an option to have the market even higher if this level doesn’t stop bulls.