USDCAD to continue strong bullish momentum

USDCAD had a very bullish action last week and as it seems this may continue for this week too. The price has broken strong structure near 1.2900 which served as strong support/resistance and then also broke above the Monthly R1. This indicates that USDCAD bulls are still very strong and further move on the upside is expected. A pullback from current levels down to Monthly R1 and a test of this level may be considered as an opportunity to go long with a stop below the highlighted structure in the chart.