USD/CAD — Upper POI Test Before a Potential Downside Expansion

USD/CAD — Upper POI Test Before a Potential Downside Expansion

On the hourly chart, I’m watching for a continuation higher toward 1.3940–1.3970. This POI corresponds to the 1.414–1.618 external extension of the previous move. My main scenario is a push above the local highs into the upper area of interest, followed by a potential seller reaction and downside expansion. The initial rebalance target is the key Order Block near the origin of the current bullish impulse, around 1.3820–1.3830. If the decline continues, my next target is the new Fibonacci grid’s 1.414 external extension, around 1.3768. My profit-taking plan is marked on the chart: 75% of the position near the first target, with the remainder at 1.414. The lower POI spans the 1.414–1.618 extension zone. The reaction at the upper POI is essential to this scenario. Sustained acceptance above it would lead me to reassess the bearish outlook.