Breaks above a swing area with lots of swing highs

The USDCAD has broken above a swing area in the 1.2908-36. It is wide, but that patch of chart real estate, has been home to a number of swing levels going back to July 2017 (see blue circles). It now represents a risk defining level for the buyers. Stay above is bullish.

The targets on the upside now include a trend line that comes ina at 1.2974. We are getting close to that resistance level now. Above that the 1.3000 level will be eyed. In May, the high reached 1.2997. Back in March, there was a swing high at 1.30004. A move above that level will open the door further for more upside potential. The 1.3046 and the high for the year at 1.3124 are targets now (see chart below).

Another risk level for the longs trading today comes on the 4-hour chart below at the trend line at 1.2950.

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