USD/CAD: US dollar surged in the overnight session and now approaching 1.34075 at the end of the rising wedge

Denis Joeli Fatiaki Independent Analyst

What is going on now with USD/CAD?

USD/CAD: The US dollar held on above 1.32610 support as indicated in yesterdays update and extended its run to the upside at 1.33775. The pair smashed all its estimated target points and added three more targets during the European session ending at 1.33775.

Our forecast

USD/CAD: The US dollar currently trades at 1.34024, approaching 1.34075 resistance in the 60 minutes price chart. The US dollar needs to break and remain above 1.34075 to continue to 1.34230 and 1.34455. The next major resistance is estimated at 1.34455. The US dollar could pull back to 1.33775 and 1.33530 if it fails to continue at 1.34075

Support/short target - 1.33775, 1.33530, and1.33315

Resistance/Long Target- 1.34075, 1.34230, and 1.34455

Chart 1: The short-term view of the USD/CAD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the USD/CAD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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