By: Colin Jessup
Yesterday I published an analysis about the Loonie being stuck between 2 zones and needed to close above 1.025 so the Bulls could have a real shot at taking this pair higher. This has indeed been accomplished as evidenced by the attached 4-Hour Chart. This can be tricky though as one doesn't want to go long prematurely. We can expect that there will be a pull back, possibly to the 1.025 zone it has just broken through before gaining steam to run the Bull's Engine. Watch out for support at the previously mentioned level. As for Resistance, watch the 1.04 level in the shorter term. If we clear that level there could be a push for the recent high of 1.0656 and the weekly resistance zone at 1.06 even. I am cautiously Bullish on this pair.
Happy Trading!
