With No Bearish Signs, the USD/CAD to Move Higher

USD/CAD (1.1356)

Since putting in a bullish engulfing candlestick above 1.1080, the Loonie has pushed higher. With no signs of a bearish reversal, this trend is likely to continue. We have crashed above 1.1268 and should now target 1.172. This is the high reached back in July 2009 and the next critical resistance level. A failure below this level indicate a false breakout and the potential to reverse and turn lower targeting the supports.

Looking at the below 4 hour MT 4 chart, the USD/CAD Forex pair looks less bullish. We are noting a possible Doji forming at the current price level. This indicates buyer indecision and a possible downturn in the cards. We have no confirmation yet, so this is not too plausible at this time. We see near term support at 1.1325.