As we mentioned in our previous post on USDCAD, trend was bullish as price respected the trend line support and the higher high by the RSI suggested that more upside should be expected. USDCAD is trading around 1.2740 more than 100pips from our last analysis.
Green rectangle - major support and trend change level
As we mentioned yesterday, we are bullish USDCAD as long as price is above the green rectangle support area at 1.25-1.2480. Price is exploding higher today above 1.2740 and our target of a new higher high above 1.28 remains unchanged. Trend remains bullish and we continue to see any pull back as a buying opportunity.
