USD/CAD Close To Resistance

USD/CAD has been trading to the upside for the first half of this year as we saw a massive move north starting in the end of January. The pair was trading at 1.2250 at its lowest for the year right before it started its way up.

Currently, USD/CAD is trading at 1.3300 as market participants are still optimistic about the strengthening of the US economy.

Bear in mind that although the strong US fundamentals paint a rather pretty looking picture, the market is moved not by past events and scenarios but by the hopes and fears of the market players. In this light, it pays to be cautious in times when others are greedy.

Chart: USD/CAD H4