USDCAD has formed a double bottom with bullish RSI divergence, right at the Weekly M1 early on in the week. This gives us reason to believe that a rally up to the Weekly Central Pivot Point could be on the cards. There are a few obstacles in the way of that destiny however:
- Major daily structure at 1.24285
- Weekly M2 and minor internal structure at 1.245-600
US PMI data is due out on Wednesday together with the BOC rate statement. The results of these two news events will influence the decision on which way I will look to trade this pair.