USD/CAD is trading near the critical resistance at the price of 1.3466. The background suggests further upward price and potential new highs.
We want to suggest play for the incoming Bank of Canada Monetary Policy Report. According to the Daily time-frame there was the upward breakout of the 2-week rectangle pattern (sideways base), which is sign that buyers are in control. Our advice is to place pending buy stop order at 1.3470 with target at 1.3523 and stop at 1.3380. You want to go in the direction of the overall trend and the momentum. Second play can be if the USD/CAD drop on the news, to watch for buying at 1.3400 with the target at 1.3523 and stop at 1.3333.
The material has been provided by InstaForex Company - www.instaforex.com