USD/CAD technical analysis: The pair may continue to move higher towards 1.3490
|The US Dollar remained in a solid uptrend and it recently traded above the 1.3380 resistance area against the Canadian Dollar. The USD/CAD pair even broke the key 1.3415 resistance and settled above the 50 hourly simple moving average.
During the upside move, there was also a break above an ascending channel with resistance at 1.3430 on the hourly chart. The pair traded towards the 1.3500 level and later corrected lower. It declined below 1.3460 and the 38.2% Fib retracement level of the last wave from the 1.3390 low to 1.3496 high.
However, there are many supports near the 1.3450 and 1.3440 levels. The broken channel and the 50% Fib retracement level of the last wave from the 1.3390 low to 1.3496 high could also act as a decent support.
Overall, the pair is in a positive zone and it may continue to move higher towards 1.3470 or 1.3490 in the near term.
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