USD/CAD technical analysis: Struggling to cut through the falling channel hurdle
|- USD/CAD is trapped in a bearish channel.
- A channel breakout would confirm a short-term bullish reversal.
USD/CAD is having a tough time piercing the resistance of the upper edge of the falling channel for the second day.
As of writing, the pair is trading at 1.3135, having faced rejection at the falling channel resistance, currently at 1.3146. The channel resistance located at 1.3155 yesterday proved a tough nut to crack.
A close above 1.3135 today would confirm a bearish channel breakout or bearish-to-bullish trend change and open the doors to 1.3262 (200-day moving average).
A repeated failure to beat the channel resistance may embolden sellers, yielding a drop to the 21-day moving average, currently at 1.3085.
Daily chart
Trend: Neutral
Pivot levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.