USDCAD: Bullish, Eyes Further Strength

USDCAD: With USDCAD resuming its broader upside, it looks to strengthen further towards the 1.1000 level, its big psycho level. Above here will pave the way for a run at the 1.1050 level and possibly higher towards the 1.1100 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the other hand, support comes at the 1.0900 level followed by the 1.0842 level where a violation will set the stage for a run at the 1.0736 level, representing its Dec 20 2013 high. Additionally, downside objective resides at the 1.0651 level, its Jan 06’2014 low and subsequently the 1.0600 level. All in all, USDCAD continues to face further upside threats in the long term.

would you recommend these levels for a day trader? what are more realistic levels for a day trader? a small correction downward around 1.0850 is quite possible in the short term as well?


Yeah, the 1.0800/50 are levels we a looking at on corrective pullback.

Have a great day.