Taking a Closer Look at USD/CAD
As I covered in the PIG last week, the USD/CAD pair appears to be moving in a long-term upward channel. It is currently approaching the 1.3577 resistance level on the monthly chart. However, on the daily time frame, the resistance is much closer, at 1.35. The pair remains above the Ichimoku Cloud across all time frames.
If the immediate resistance level holds the price from moving higher, we could see the 4th lower high forming in the series that started back in February 2016. USD/CAD has had the tendency of moving in an upward channel for around 13 months and then dropping over the last three cycles. For a detailed investment strategy on USD/CAD and other pairs, visit your membership area on the PIG.