That's me out of USDCAD shorts with a bloody nose
There's no stopping the this train right now.
USDCAD has broken through strong resistance around 1.3310/20 and is looking like it wants to do more.
USDCAD daily chart
There' not a lot on the tech front between here and 1.34 so we're going to have to watch to see where resistance pops up. At the moment it's around 1.3350 but if we get through that, 1.34 beckons.
If the rally has got real legs then it will want to find support around the break level at 1.3310/20 ahead of 1.3300. If it doesn't we could have a quick snap back as longs on this run throw the towel in.
I still don't think the data justifies this move but like most traders, I am but a leaf in the wind and so I'm stopped out of my 1.3295 short at 1.3340.
