USDCAD – Price Action Squeeze Leads to Massive Breakout | Dec 17

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USDCAD – Pre-Breakout Structure Leads to Massive Upside Move (1hr chart)
In our members market commentary this Tuesday, we talked about the bullish price action on the USDCAD and expecting that a break of the resistance around 1.3775 would lead to an eventual test of the mid-1.39 handle.

Prior to the Fed rate hike, the pair stabilized between 1.3754 and 1.3840 where an eventual price action squeeze and pre-breakout scenario clearly formed.

This led to a massive upside move which tested 1.3945 in a hurry with many members catching this move and several hitting double digit +R trades. So congrats to the members who profited from this.

For now, the context remains bullish while above 1.3840 and 1.3750/75 on a daily closing basis. I’m raising my upside bar on the USDCAD and am expecting an eventual thrust through the ‘big figure’ at 1.40, potentially testing 1.45 in Q1 2016.

usdcad price action squeeze

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