7 Dec 2015

USD/CAD BREAK PREFERS UPSIDE TARGETS

USD/CAD DAILY

The rate is currently breaking through the major resistance level at 1.3450 set in September. The lack of any serious resistance level makes me think the rate may be heading up for the next major level at 1.4000.

A daily close above the 1.3450 is, however, needed to establish a new long position and preferably a test of this level as the new support.

A break back below the 1.3450 would invalidate my immediate bullish bias for the pair, however, only a break below 1.3000 would turn my overall outlook to bearish.




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