Last time we talked about USDCAD was at 1.2850 calling for a move towards 1.31-1.32 and the upside had lots of room to run. So we nailed that move. The big question now is if we have seen a top or THE top in USDCAD?
Price remains inside the medium-term upward sloping channel. Support is at 1.2930 and rising. So a break below that area will increase the chances of a major top dramatically.
Short-term support is at 1.3050. From current levels we could see a push towards 1.3130 or higher again, but if we break below 1.3050 I believe we could test the big support at 1.2930-1.2950.
So since yesterday I’m selling this pair for at least a small pull back. If this unfolds into a bigger turn, time will tell….be patient and use stops
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