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Hardy: How to trade USDCAD as it breaks 11-year high

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USDCAD has broken an 11-year high this Monday. Saxo's John Hardy says looking outside EURUSD, the US dollar is pretty strong. This has lead to USDCAD breaking resistance and he thinks it continues to look higher.

Hardy says that 1.35 is the psychological level but as we approach that, he is looking at 1.3650 with a long term forecast as high as 1.40. 

For those trading the pair, John says longs will want to have their stops just below 1.34. The key calendar date to watch for is next week's Federal Open Market Committee meeting on December 16th.