10 Mar 2015
USD/CAD setting the stage for an upside attack? - 2ndSkies
FXStreet (Bali) - USD/CAD might be setting the stage for an upside attack and break of the key resistance levels, notes Chris Capre, Founder at 2ndSkies Forex.
Key Quotes
"Instead of shying away from the key resistance and range highs near 1.2650 and 1.2695, the USDCAD has held up here with some solid intra-day buying. This may preclude an upside attack and break of the key resistance levels."
"For now, we are still in a range structure-ish, so pullbacks to support are best IMO. That would mean 1.2410-30 is the range support for now. If we clear the key resistance levels above, then we only have 1.2775 left between that and 1.30. Only a daily close below the range would negate the MT bull trend."
Key Quotes
"Instead of shying away from the key resistance and range highs near 1.2650 and 1.2695, the USDCAD has held up here with some solid intra-day buying. This may preclude an upside attack and break of the key resistance levels."
"For now, we are still in a range structure-ish, so pullbacks to support are best IMO. That would mean 1.2410-30 is the range support for now. If we clear the key resistance levels above, then we only have 1.2775 left between that and 1.30. Only a daily close below the range would negate the MT bull trend."