Buy on a level breakthrough of 1.3050 with 1.3164 target. Stop loss = 1.3000.
Reason for the trading strategy
In January, Canada's GDP increased by 0.6% (m/m), with an expected growth of 0.3% (m/m). The progressive upward movement of the main macroeconomic indicator shows the moderate effect the low oil prices have on Canada's economy. Currently, the USDCAD pair has successfully performed a divergence (which was signaled by the RSI-14 indicator), having adjusted to the level of 1.3050. A breakthrough of this resistance level will be possible if the US labor market statistics for March turns out much better than the market expectations (which we doubt in).