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