Alan Collins believes USDCAD offers more upside action despite yesterday's five and half year high not being held, he argues that: "Q4 last year was the 4th up quarter from the last 5. This month is, so far, the 5th consecutive positive month and prices are currently hugging the upper band of monthly, weekly and daily Keltner channels. These factors, coupled with positive momentum and strength indicators, emphasise an underlying positive tone that shows no sign of faltering." 

Alan warns that the market could see a "mildly deeper correction" but he suggests entering the market intraday at 1.1926 

Targets: 1.2021 and 1.2048. 

Medium Term: Key 1.2110- 1.2200 area. 

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