Stops triggered above trend line resistance
The USDCAD have moved above the 1.3368 trend line and is seeing more buying coming in.
The concerns about the EU trade deal, lower oil prices (-1.38% and down toward $50.00 per barrel) and a stronger USD - along with the technical break - are helping to contribute to the more bullish tone (weaker CAD).
Looking at the daily chart for the pair (see below), The pair is also moving above a longer term trend line (at 1.3340 area), and moving further away from the 38.2% retracement of the move down from the 2016 high. That level comes in at 1.33116.
Staying above that 1.3368 and 1.3340 is the risk now for traders who are long. The next longer term targets come in at 1.3440 and then 1.3574 (50% of the years range).
