USDCAD Breaks Two-Month Resistance Level, but Does It Have Legs?

USDCAD Breaks Two-Month Resistance Level, but Does It Have Legs?

26 March 2016, 16:39
Francis Dogbe
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Early in Thursday’s trade, USDCAD closed above the two-month trend line that extends off the January high. At the time, it was just an intraday break on the 4-hour chart. However, the pair later managed a session close above the key handle. The break appears to be valid, and I have no reason to doubt it at the moment. That said, USDCAD still faces some key levels above that could prove to be problematic for the bulls. The first of those levels was tested yesterday shortly after the break above trend line resistance. That level comes in right around 1.3260. Although it’s a bit hard to distinguish from the 4-hour chart, a look back at the ... READ MORE
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