Led Zeppelin's Jimmy Page turned 70 yesterday and on his personal "Stairway to Heaven", the pearly gates must be drawing ever closer. It's the same story with USDCAD. A decisive break of the current 1.0850—75 zone leads directly to 1.1000 (psychological resistance) which if it occurs will leave USDCAD bears "dazed and confused". USDCAD is in a steep uptrend from the January 6 low in the 1.0600-10 area and retracements have been shallow. The break of both the 2013 USDCAD high at 1.0735, the 2010 Fibonacci retracement level at 1.0805 and the 2010 peak of 1.0850 have set the stage for further gains. A break of 1.1000 leads to 1.1220, the 50 percent Fibonacci level of the 2009—2011 range. USDCAD support is at 1.0780, 1.0730 and 1.0680. USD resistance is at 1.0880, 1.0960 and 1.1000.
Chart: USDCAD hourly with rare Stairway to Heaven pattern
