USDCAD reaching for resistance

Back on February 20th, our chart of the day was the USDCAD and we discussed the potential upside breakout following the false breakdown last fall. That false breakdown led us to this massive breakout we are witnessing currently in the pair. We are now at the 127% extension of the 2017 highs to 2017 lows near the 1.4286 level with a very divergent RSI. The risk near term is a pullback, but after a move like this, buyers will be waiting near the 1.3900 level to be long once again.