6/26/16 USDCAD@ 1.3075 – bullish- Bullish momentum signals further upside
USDCAD rallied to a new 3-week high at 1.3098 (June 24, 2016). Strong bullish momentum suggests scope remains for further upside. Above 1.3098 would extend higher towards 1.3188 (May 23, 2016 prior weekly high). Above the latter would confirm a higher base over 1.2654 (June 6, 2016 weekly low) and open the next resistance level at 1.3310 (38.2% of the 1.4689/1.2460 downswing (January 18 YTD high/May 2, 2016 YTD low)). Only a return below 1.2654 would signal topping and expose 1.2460 for a test.