USDCAD - 240 - Keeping a close eye on it

FX_IDC:USDCAD   U.S. Dollar / Canadian Dollar
This week, USD/CAD is unstoppable and the direction that it’s moving is only up. It managed to get above the high of around 1.26850 of the previous two weeks, and at the time of this analysis the pair is trading slightly above the 1.27 mark.

The overall trend is still to the upside. This has been running from September 2012 and has not been broken yet. As for today, we can see that USD/CAD keeps holding on this small upwards moving trendline support, that started last Friday. It has not been broken yet and it kept pushing the price higher throughout the week. A move above the 1.27250 could push the pair up to yesterday’s high of around 1.27550, that could act as the first resistance level . A move further above that opens the way towards the 1.28 area.

If the above mentioned short-term trendline will not hold and the price will break it, then we could see a move back to the 1.26850 area. Below that we have the 21 EMA , which is around the 1.26650 level. A break below that area could push USD/CAD towards the 50 EMA , which is around the 1.26200 mark.
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