USDCAD broke the range move, now bullish?

USDCAD was very bullish, notably on the last part of the week where it broke the resistance at the top of the trading range where the pair was trading, and on this strong move it also broke the M_R1 to reach almost the R2. With this strength of the move it may be hard to predict if the R2 will hold. It is also hard to get into trading positions since we have very few structure on the left side for the prices above the Monthly R2 where we could place our SL, so for the beginning of this week we will stay flat with no open positions, then when we have some more information about the price reaction on the R2 area we can enter long or short depending on the conditions on this area.

Comment:

Price had enough strength in the beginning of this week to break through the M_R2 area and now this resistance may serve as support. Based on this and on the current strength of the bulls, right now we expect a move further up so we will try to get into a position if we have another test of the M_R2 area at 1.32287.

Comment:

Strong bullish move on the pair is still continuing. The strong move on the upside did not leave enough room for a retracement so the pending buy limit order at 1.32287 was not triggered. We will not take any other position on the pair for this week as the weekend is near.