Like the NZDUSD, the USDCAD probably completed an expanded flat last week (at 10543). A break above 10875 is expected as the pair is considered to be in a 3rd wave higher from 10543. That level is key however. A drop below there would negate the bullish bias and shift focus to 10440/60.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of [I]Sentiment in the Forex Market[/I]. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to [email protected].