Overhead resistance tested
The USDCAD has extended to new session highs and inched closer to topside trend line target at the 1.3365 level.
In the bullish move, the price has moved above the 38.2% of the move down from the Jan 2016 high at 1.33116 and also now above topside trend line on the daily chart at 1.3334. That level is now close support for traders looking for a late Friday trade. However, with resistance not far away above and support not far below, there is not a lot of room if you are squaring up before the weekend.