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USD/CAD - A Break of Key Resistance From 2010/2011 Opens Up topside

You know a pair is at an important level when you have to zoom out to the monthly chart to see it!

  • That is the case with the USD/CAD pair as the Loonie has been weak across the board, and now comes to test the 1.0650 level.
  • As we can see above, we have to go back to October 2011 and the late summer/early fall of 2010 to see the last time the pair has been here.
  • Both previous times, the barrier played its role as resistance and managed to keep the USD from moving higher.
  • However in those cases, we were in more of a downtrend market, while currently we seem to be in a steady uptrend, and with the level being tested a 3 time, it just might crack.
  • If so, we would be looking at key upside targets in the medium term around 1.0850 and 1.11 which were important pivots in 2009 and 2010.