USD/CAD Threatens a Big Breakout
The North American cross of the US and Canadian dollars has been on quite a run of late.
The pair has rallied for 11 of the last 12 days to test its April high near 1.3845 as of writing. Interestingly, the pair formed a potential double bottom pattern in the interim, hinting at the potential for a more extended rally from here if that resistance level gives way.
For now, the key question will be whether we see a weekly close above the April high, or whether a near-term pullback (which traders would likely see as a buying opportunity) is more likely.
-MW
The pair has rallied for 11 of the last 12 days to test its April high near 1.3845 as of writing. Interestingly, the pair formed a potential double bottom pattern in the interim, hinting at the potential for a more extended rally from here if that resistance level gives way.
For now, the key question will be whether we see a weekly close above the April high, or whether a near-term pullback (which traders would likely see as a buying opportunity) is more likely.
-MW
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