Daily Price Action

USDCAD Longs Favored Above 1.1295


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USDCAD has been trending up since the inverse head and shoulders pattern formed back in July. The pair has managed to climb 750 pips from the bottom of that pattern.

A quick glance at both the daily and 4 hour chart shows that 1.1295 has acted as resistance since October 14th. Today was the first time the pair has closed above this level on the daily chart since July 14th of 2009.

From here we can watch for a retest of 1.1295 as new support. Only bullish price action will confirm that the level is likely to hold as support.

Note: Use some caution when trading this pair as it has shown a recent increase in volatility in intraday trade.

Summary: Watch for bullish price action on a possible retest of the 1.1295 level as new support. Key resistance comes in at 1.1470. However if the pair is able to break this level, there isn’t much standing in the way of a retest of the 1.1780 area.

USDCAD 4 hour forex chart

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