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USDCAD has been bearish since the end of 2022 but this trend can be changing now as recent weakness stopped at the trendline support connected from 2021 low. In fact, there can be even a completed corrective drop with an ending diagonal so traders should be aware of more upside, at least in the short term. The reason is also an intraday trend, shown in a 4h time frame, where recovery is strong without overlaps, plus a broken base channel which normally occurs in an impulsive sequence. That said, be aware of more upside within wave (3), up to 1.355-36 area. Support on the next dip is at 1.3388-1.34.

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