USDCAD aiming through key barriers at 1.0440/45
- As expected, a more resilient tone to the broader range theme with a push above minor resistances at 1.0395/00.
- Although we still see a range theme defined by the trend line from Sept 2012/ June low, 1.0160/35 on the downside and the 1.0440/45 area of chart resistance on the upside, the skewed risk is for an upside breakout (see below).
- Upside: Above 1.0440/45 re-energizes bullish risk for 1.0530/40 next, but then to the 1.0610 peak and higher to the key secular high, 1.0657.
- Downside: Below 1.0145/35 would signal a significant bearish reversal and aim for 1.0015/00 and likely .9935/30.