USDCAD: Bullish Reversal at Key Support ConfluenceUS Dollar vs. Canadian DollarFX:USDCADthetradeguru_fx USDCAD is currently pulling back on the 4-hour timeframe after a strong rejection from the top resistance level near 1.4080 – 1.4100. The pair is now rapidly approaching a major confluence zone of support. Key Technical Observations: Major Support Zone: Price is nearing the horizontal support level around 1.3700 – 1.3730, which previously acted as both resistance and support during prior market structures. Ascending Trendline: An ascending trendline extending from the early 2026 lows coincides directly with this horizontal support zone, creating a high-probability confluence area. Previous Resistance Turned Support: The level near 1.3900 – 1.3920 serves as the immediate upside resistance once price rebounds from support. Trade Plan & Outlook: Bias: Bullish upon reversal confirmation. Execution Strategy: Waiting for price to tap into the 1.3700 – 1.3720 support area and show clear bullish price action signals (e.g., bullish engulfing, pin bar, or lower timeframe market structure shift) before looking for long setups. Target 1: 1.3900 (Immediate Resistance) Target 2: 1.4050 – 1.4080 (Major Resistance Zone) Invalidation: A clean breakdown and 4H candle close below the trendline and 1.3650 support zone invalidates the bullish setup.