Hi Traders!

The USDCAD chart shows that the price have broke above the down trend line and is now testing the trend line it broke out from.

usdcad dailyAlthough the price is still below the 15 ema, we cannot discount the fact that the pair is trying to gain upward momentum. A close above the 15 ema would do the  bulls some favor and we could see the pair being brought up higher.

As long as the pair does not go back into the trend line, we can expect the bulls to take control of this pair again.

~ Ardy