ClearEdgeFX

USDCAD - 12H - HOW MUCH MORE TO GO?

FX:USDCAD   U.S. Dollar/Canadian Dollar
38 0 2
Since mid-May USDCAD             has moved 600 pips and it looks like it's about to retest the recent April highs around 1.2650. As we can see the trendline is quite steep and breaks of trendlines with this level of steepness can be risky due to volatility. That said, if we see a solid rejection candle of the resistance zone in confluence with a trendline break then we'd likely take a short position targeting the 1.2400-50 zone.
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