A Double Bottom and a Strong Move to the Upside for USD/CAD

After the sharp move to the downside today caused by the optimistic employment change and unemployment rate data, the USD/CAD pair predictably began moving to the upside. More importantly, the pair also formed a double bottom visible on the four-hour time frame, which is also visible on the daily time frame, as well as a great hammer candlestick on the aforementioned four-hour time frame.

At the moment the pair is rising towards the resistance at 1.2800, but I think it will possibly reach 1.2850 or even climb higher than that.

It is still difficult to predict whether this is the end of the bearish trend or this is the beginning of a corrective flag, but next week it will likely become obvious which one of these scenarios is more valid.