Forex Trade Setup – Chart of the Week Aug. 31st

USDCAD – Critical Range about to be Broken?
For over 3 mos, the USDCAD has been stuck between 1.0125 and 1.0850, but most of that was hemmed in by 1.0675 which happens to be the level its being pinned up against now.  Rarely has the pair attacked these levels which such vigor as of late and rarely has it closed so close to the level.  The price action suggests it wants to push to the upside and challenge the major highs at 1.0852 which is another 175pips away which also could get real interesting but we may be seeing a breakout in the works here.

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