USD/CAD Moves Closer To Target Resistance

The 1.1048 target level is approaching as the USDCAD did in fact break the prior highs for the day at the 1.0972 and prompted the squeeze toward the retracement upside target.  The high reached 1.1031. We are likely seeing some profit taking as the key level approaches.   Oil is below $70 per barrel helping to contribute to the upside move.

I would expect that upside momentum should slow as the 1.1048 level is approached with a break above signaling a move toward the next target at the 1.1176 level (50% of the recent move lower).  Corrections should find support against the 1.0972-80 level now.

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