Since the beginning of the year the currency lost almost 0.3% but last week rose more than 0.5% and made a phase change in late March, shifting from an accumulation to a bullish phase.
Last week the USDCAD rose with a wide range and closed near the high of the week, however the currency pair closed within the previous week range, which suggests being slightly on the bullish side of neutral.
The currency pair was able to stay above the 10 and 50-week moving averages that should provide a good dynamic support.
The stochastic is showing a strong bullish momentum and is above the 50 mid line.
Expecting an upward move to a weekly resistance at 1.4140 on a break above the key level at 1.3598 (scenario 1) although a bounce from the key level at 1.3598 could drag down the currency pair to the lower range of the weekly resistance at 1.3154 (scenario 2).