Since mid June the USD/CAD has been moving strongly upwards and now it has broken through a pretty strong daily key resistance level of 1.27823, clearly as this level has been able to prevent price breaking through in the past and with it now trading above this level the best thing to do is wait and see if price can return to retest this resistance level and see if it is now acting as support.

The chart below highlights where we should be looking for bullish price action signals to form and this level can also be used to hunt for bullish price action signals on the lower time frames as well.

usdcad

Let me know what you guys think.

Jeremy

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