USDCAD breaks fully into 1.2800 but another speedhump awaits

The short-term range is still in play and USDCAD is trying the topside now.

USDCAD H4 chart

USDCAD H4 chart

The break above 1.2800 now needs to hold and a quick attack on the 1.2830/35 highs needs to happen. A failure will send us back down under 1.28, while a break will then target 1.2900. The move is coming on general USD strength but there’s still risks from the OPEC meeting and some big Canadian data on Friday. The 1.2830/35 will be a stiff test of whether this rally is real or just some steam being let off.

I’ve liked this level previously so I’m tempted with a small, tight short as close to 1.2830 as I can. If I get in, I might go for a tight stop juct above 40 or push the boat out to just above the next resistance level at 1.2855/60

 

Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”

Read how Ryan got into trading here
Ryan Littlestone

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