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USDCAD – Breakout of Key Level Preceded By Dual Pin Bars
After consolidating for the month of December, the USDCAD finally broke above the key 1.07 level. The breakout was preceded by dual pin bar rejections of the 20ema and dynamic support. After hitting a high today around 1.0850, the pair formed another pin bar suggesting a pullback may ensue. I’ll look for a breakout pullback setup around the 1.07/0736 area to trade with the trend. Upside targets will be 1.0850 and 1.0900. Only a daily close below 1.07 will negate my short term bearish bias.
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