FX.co ★ USDCAD challenges important resistance

USDCAD has reached the important resistance are of 1.3360 last week and price got rejected. This resistance area is important if USDCAD bulls want to continue to push price higher towards 1.35.

Blue rectangle - major resistance area

USDCAD is making higher highs and higher lows on a daily basis. Price is challenging the blue resistance area and if it breaks above it, we should expect USDCAD first to reach 1.3490. Support is at 1.32 and as long as price is above this level, bulls remain in control of the trend. Breaking below this level will put the longer-term up trend in danger.