Trade of the Day: USD/CAD

USD/CAD continues to rise toward the key resistance level 1.3257 which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 5-bar level – which is the result of the five previous reversals price this price level. USD/CAD is expected to rise further toward the resistance level 1.3257.

As can be seen from the daily USD/CAD chart below – the pair earlier reversed up sharply from the key support level 1.3125 (which has been reversing the price from the end of June), and the lower daily Bollinger Band. The proximity of these support levels adds to the probability USD/CAD will continue to rise toward the resistance level 1.3257.