USDCAD approaching weekly resistance levels

Here’s a quick weekly chart of the USDCAD which was brought to my attention by a fine trading buddy of mine Martin Walker.  With the CAD Interest rate decision later on today it’s a good time to look at what price is doing.

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Price has moved nicely north these last few weeks and is now approaching a zone of Weekly resistance in the 1.0400 – 1.0450 area.  Will it power through or will it bounce off?

Well we don’t really know but with an element of bearish divergence showing I think its likely that price may bounce off the zone before gathering enough momentum to have another crack and break through.  As always we shall just wait and see.

Trade well.

Paul

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About FXTraderPaul

A professional Trader and Coach, FXTraderPaul blogs about his adventures from the front-lines of FX Trading. A Trader and educator who can walk the walk as opposed to merely talk the talk!

View all posts by FXTraderPaul

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