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No Signs of Stopping for USDCAD

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I mentioned USDCAD a few days ago, noting that we were looking for a retest of the 1.1457 level to act as new support. The pair needed a bit more room than expected, but it eventually found support and has since made new highs for the year.

This puts us in a similar position – waiting for a pullback and watching for bullish price action. This time the area in focus is the 1.50 level. We can see that this area previous acted as resistance on the 4 hour chart. As such we’ll want to watch for bullish price action on a possible retest.

If the bulls can stay behind this market, we could see a test of the 1.1660 resistance area in the coming weeks.

Summary: Wait for a possible retest of the 1.50 area and watch for bullish price action. Key resistance comes in at 1.1660.

USDCAD 4 hour forex chart

NZDCAD analysis

NZDCAD daily forex chart

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