USD/CAD Hourly oct 28
USD/CAD has gained more than 200 pips in the last day. The pair got a surge of momentum as it burst into the Aug-Oct range of 1.06-1.11 but stalled at the downtrend resistance (green line) that began at 1.30. After breaking that resistance, it retested it several times before surging 125 pips overnight. The pair is now benefitting from the support of the downtrend (resistance becomes support).
The pair has had a nice run since falling to a 14-month low of 1.0260 but with all major resistance until 1.11 broken, the pair could continue to run. The hourly Bollinger Bands (show) are stretched but could continue to widen before we see a period of consolidation.