USD/CAD Technical Analysis: Prints 6.5-week highs, teasing triangle breakout
|- USD/CAD jumped to 1.3456 soon before press time, the highest level since March 8, possibly on the back of broad-based US dollar strengthen and expectations that the Bank of Canada will adopt a neutral stance on interest rates later today and trim 2019 growth forecasts.
- Notably, the currency pair is currently trading above the upper edge of the contracting triangle, as seen on the daily chart.
- A breakout would be confirmed if the pair remains above that key hurdle post the Bank of Canada’s rate decision, due today at 14:00 GMT. That would open the doors to a retest of January highs above 1.3660.
- The outlook would turn bearish if and when the spot finds acceptance below the lower edge of the triangle.
Daily chart
Trend: Cautiously bullish
Pivot points
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