There are two ways to read the charts in USD/CAD at the moment so I’ll elaborate on both first before giving an overview and some thoughts on meshing them both together. Let’s take a look at the daily chart first:
At first glance, the push to fresh highs since 15 July isn’t all that impressive. We are now seeing price run up against a previous swing region around 1.3076-83 but that was broken previously on 14 July in a push towards 1.3200. The upside move was short-lived but it also sets out higher resistance region for the pair to work with in the more immediate term.