USDCAD Tech analysis by Simon Kazinsky on 06:10 November 04, 2014 EST
USDCAD is finding new highs today. The pair is on buy configuration in all time frames and not overbought when looking at long term charts.
Retail traders are fighting the trend and remain short this pair, as you would expect.
Looking at previous extreme divergences between supporting moving averages and price the loonie reaching the 1.20 within a few weeks is a plausible scenario. Medium term support is found at 1.08 and 1.06.