USD CAD on Track to Test 1.1156

Upside momentum appears to be putting the USD CAD in a position to change the weekly chart to up.

Upside momentum appears to be putting the USD CAD in a position to change the weekly chart to up. Although a trade through 1.1124 will turn the main trend up, traders still have to be aware of 50% resistance at 1.1156.

Another sign of higher markets is the penetration of a downtrending Gann angle at 1.0822.  Holding above this Gann Angle and regaining 1.1156 could trigger an even further rally to 1.1290 over the near-term.