Trading in USDCAD last week was again volatile but still proved the underlying tone as positive. Wednesday’s aggressive profit taking setback was regained the same day with levels around the trend defining 13 day average finding fresh demand. This was followed by strong upside on Friday that took prices to within 10-pips of this year’s top.
The upper end of the daily Keltner channel is again being hugged and strength indicators are positive and so expect demand to continue to build in the coming days with potential to 1.1313 and 1.1372.
