The USD/CAD is on the march north, smashing resistance on its way to a test of the 1.3275 handle. Traders have jumped on the USD’s bandwagon and even an early-session bullish breakout in WTI crude oil was no help to the CAD. Now, it appears that fresh yearly highs may be in the cards for the Loonie.
Shorting the daily double-top pattern at 1.3385 may come into play by week’s end. Until then, I have sells in queue from 1.3381. With an initial stop at 1.3406, this trade produces a clean 25 pips using a 1:1 risk vs reward management plan.