Has the USDCAD finally broken-out?
Looking at the USDCAD today and tonight we can see that buyers have once agin set up a strong rally. We did see this in last night’s rally before sellers trimmer gains back. Will tonight be different? For now buyers hold a 41 pip rally that has beaten yesterday’s 1.3361 high.
Looking at the USDCAD daily chart we can see an ascending triangle pattern that now looks to have broken out as long as buyers can hold tonight’s rally. This breakout also keeps the current uptrend play showing a continuation. Above we see potential resistance at 1.3430 if reached it will be interesting to see if this level does hold buyers up as its a previous support point that became resistance. (typically bearish)
Newswise for the USDCAD, we have US ISM Manufacturing PMI at 12:00 am this evening. Tomorrow from 10:30 pm CAD news heats up with Canadian Trade Balance data and the BOC overnight rate and rate statement 12:00 am Thursday.