Let’s take a technical look at USDCAD. USDCAD has made a new yearly high, and after breaking it long-term trend, it seems to have stalled out at the resistance level 1.3333. It looks poised for a retracement and with CAD coming out with positive projections for its CPI and Retail Sales, there are a lot of support levels to keep it up, especially around 1.32220. For long positions, it is recommended to wait until a break above its new yearly high or wait to initiate buys until a retracement to 1.32220. For short position traders, it is recommended to wait for a clear indication of a market reversal.
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