The USDCAD broke above the “Red Box” that I have been talking about for weeks and weeks. That led to buying yesterday, but the high extreme price from April could not be broken convincingly and there was a rotation lower.
However, buyers did come in near the high of the “Red Box” (see chart below and the video of course). That kept the buyers and play and the price has since rotated back to the swing high from April. Get and stay above that level increases the bullish bias.
In a video look ahead to what would happen on further upside momentum and explain why.
So overall, there was a break in USDCAD but there is work to do.
This article was written by Greg Michalowski at www.forexlive.com.
