CapMoore

Price Breaking Higher And Testing Monthly R1

FX:USDCAD   U.S. Dollar / Canadian Dollar
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3
Price has treaded water for almost a month but yesterday we saw a
strong move to the upside, breaking above the 1,3455 high and
reaching of the Monthly R1. A daily close above this level,
1,3518, will expose the upper wedge band and Monthly R2
at 1,3670. Price may also respect the R1 level at first test and
come back to test the break out level, 1,3455 or the Weekly R1
at 1,3425. What was noticeable yesterday was the extreme
SSI reading of 4,85 Net short speculaitve crowd. Extremes like
this often signal a price extreme as well, as the crowd is mostly
wrong but tend to be right at the extremes. This may warn of a false
breakout. Thus, break out traders should preferably wait for a
close above the Monthly R1 or at least see if price finds support
on a retest of the break out level, also considering the Dollar
Index position, right at important resistance.

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