Up for 6 straight days and breaking above key ceiling/retracement resistance
The USDCAD cracked above a swing level at the 1.2908-26 area and also above the 50% of the move down from the May 2017 high at 1.29268.
That is a key break and now makes that area a risk level for longs. Stay above is more bullish. Move below is more bearish.
The next target on the daily chart is up at the 1.3017 level which was a swing low and swing highs going back to end of June/beginning of July in 2017.
Drilling to the hourly chart below, the pair stalled near a topside channel trend line today, and that has slowed the move higher. A move above that trend line would be supportive of more upside momentum, but for the time being, the barrier has slowed the run higher.
