USDCAD has finally broken out of the trendline resistance. This was the likely outcome this week as the weekly chart printed a low test candle at the key weekly support. You can see from the daily chart that we have confirmed the break. Looking to our trading timeframe on the 4hr chart we would need to see the market re-test the highs before continuing to move higher. Previous structure highs and lows can act as support or resistance in a trend.