Last week, the USDCAD was finally able to break out above the upper boundary of a massive Accumulation range. This happened after a prolonged period of consolidation above the 100-day MA (in blue), underpinning the steadily rising bullish bias.
The breakout above 1.21350 and the 200-day MA (in orange) implies that the USDCAD may finally commence establishing a new Markup. This transition from the preceding Accumulation into a new Markup occurs as per the expectations of the Wyckoff theory.
The price may yet drop to the upper end of the Accumulation from above before rebounding and continuing to head north. The first major target for the new uptrend is underscored by the 200-day MA (in green). This is the resistance at 1.22700.
The breakout above 1.21350 and the 200-day MA (in orange) implies that the USDCAD may finally commence establishing a new Markup. This transition from the preceding Accumulation into a new Markup occurs as per the expectations of the Wyckoff theory.
The price may yet drop to the upper end of the Accumulation from above before rebounding and continuing to head north. The first major target for the new uptrend is underscored by the 200-day MA (in green). This is the resistance at 1.22700.
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