USDCAD Breaks Above Key Resistance

USDCAD has broken above the key resistance of $1.3280, which consists of triple confluence - 38.2% Fibonacci retracement, horizontal resistance and the 200-DMA. Following the break, the price action went north of $1.33, however it has retreated since to offer late bulls an opportunity to jump in. This confluence is now expected to act as a support to bulls, as they target $1.3340 first, where the 50.0% Fibonacci retracement and horizontal resistance overlap.