As I have focused on for many weeks, the long term trend in the USDCAD is up as long as price is above 1.2350 (stops under there). Today, the pair has bounced off of support from the confluence of the 61.8% of 1.2350-1.3068 / trendline drawn off of the 1/8 and 2/8 lows. This is an ideal area to position for resumption of the longer term bull trend and break of the triangle that has been underway since February.