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USDCAD: Breaking Levels!

Monthly Time Frame: On the higher time frames we can see a strong snap back from the bulls, managing to engulf previous monthly closures. After the engulfing, price managed to break through the 1.33250 key quarterly psychological zone, which created new highs. If price manages to stay above this key zone, then we can expect our next target to fulfill.


Weekly Time Frame: Scaling down to the weekly we can see a strong engulfing break above 1.33250 key psychological and retest as new support. We can also see that we broke past resistance and the trend line to test as new support. If price manages to stay above this zone, then we can see our targets (1&2) fulfill.


Daily Time Frame: Reading price action we can see a break and retest of our weekly zone. if price maintains above, we can see 1.36500 psych (final target). Although if price breaks back below this weekly psychological level then we can look for shorts down to 1.30250 quarterly psych. Due to the uncertainty of market fluidity, risk management is highly recommended.


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