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USDCAD Aims for July 2009 Highs

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Today we’re going to take a look at three potential setups that could produce considerable gains. This is due to the fact that all three setups involve a key level that has played a significant role for some time.

The first pair that fits this description is USDCAD. As I type this the pair is putting in fresh highs for the year. This bullish momentum is a result of the pair breaking key resistance yesterday at 1.1457. This is a major level that has played an important role since 2005.

Upon breaking this resistance level on the 4 hour chart, the pair quickly retested the level as new support, forming a bullish pin bar in the process.

Although this market appears to have a lot of room to run, it’s important not to chase a breakout such as this. It’s much more prudent to wait for a possible retest of the area in the days ahead.

Summary: Watch for bullish price action on a possible retest of the 1.1457 level as new support. The next key resistance comes in around 1.1660.

USDCAD 4 hour forex chart

AUDNZD analysis

AUDNZD 4 hour forex chart

USDZAR analysis

USDZAR daily forex chart

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