USDCAD Analysis: Upside risk continues

USDCAD

The upside risk continues to dominate the market as of Wednesday's. Bulls continue to prevail over the currency pair. However, the surge has been temporarily stopped by the weekly resistance level at 1.30.

The USD/CAD exchange rate has been constrained in the ascending channel by the 55– and 100– hour simple moving averages. Meanwhile, during the European session on Wednesday, the pair was trading with low volatility.

Technical indicators overall support bullish sentiment to continue to be in play during the following trading hours. In addition, it is likely that a breakout from the weekly resistance level could be expected today. 

USDCAD

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