USD/CAD Technical Analysis: Upside break of a descending broadening wedge likely
|- The USD/CAD is trapped in a descending broadening wedge, the hourly chart shows.
- The bullish price-relative strength index (RSI) divergence favors upside break of the wedge pattern.
Hourly chart
Spot Rate: 1.3135
Daily High: 1.3149
Daily Low: 1.3112
Trend: Bullish break likely
R1: 1.3170 (50-hour moving average)
R2: 1.3176 (resistance on hourly chart)
R3: 1.3204 (100-hour moving average)
Support
S1: 1.3112 (session low)
S2: 1.3058 (38.2% Fib R of April low - June high)
S3: 1.30 (psychological support)
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