Key Resistance: 1.2780
The USDCAD has been in a very aggressive bullish move since it bottomed around 1.20 at the end of May. It moved almost +8% from low to high in just 80 days.
After topping at the 1.2950 last month we saw a very parabolic move towards those highs just to see price get slapped down to test the previous broken highs.
This move was exactly a 76.4% pullback from last months range (low to high) and the level we saw buyers jump in on that push towards the 1.2950 level.
Massive bullish divergence is being created from the very lows of the long term move.
Our long trade idea is valid and only valid if the immediate structure is broken with. This means we need price to break the previous highs and not only yesterday’s highs but also Tuesday’s.
Our targets are July highs.
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