USDCAD Pre NFP Setup

Coming into the July NFP release this pair is consolidating a deep pullback of the longer time frame bull trend. Price remains bullish long term as long as price stays above $1.2000. With the NFP release, alongside other high impact releases coming out the latter end of this week, price will likely have an event driven breakout to either side of the coil. A break to the upside of the coil could lead to a retest of $1.4000 and a break back down could lead to a deeper pullback to $1.2000. In either instance, don't predict, wait for the market to show you it hand and enter on value.