USD/CAD Price Analysis: Ascending triangle in the hourly, to pave bulls way to 1.3500

USD/CAD is trading sideways, though in the short term, it is tilted upwards.
Near-term, the USD/CAD is upward biased as an ascending triangle emerges.

Christian Borjon Valencia FXStreet

USD/CAD grinds higher during the North American session, erasing its earlier losses that witnessed the pair dropping to its low of the day at 1.3372. However, a late bounce in the New York session spurred an upward reaction, with the USD/CAD pair almost unchanged. At the time of writing, the USD/CAD exchanges hands at 1.3448.

From a daily chart perspective, the USD/CAD remains neutral to upward biased, though the intersection of several support/resistance trendlines and the presence of the 50/100/20-day Exponential Moving Averages (EMAs) around 1.3402-1.3441 keep the USD/CAD trendless.

Nevertheless, although flat, the Relative Strength Index (RSI) is in bullish territory, keeping buyers hopeful for higher prices. On the other hand, the Rate of Change (RoC) suggests the USD/CAD might consolidate further, as it sits almost flat.

Upwards, the USD/CAD needs to clear the weekly high at 1.3475, which, once cleared, will exacerbate a leg-up toward 1.3500. on the flip side, the USD/CAD needs to break 1.3359, the weekly low, to challenge the psychological 1.3300 figure.

Short term, the USD/CAD one-hour chart suggests the pair as neutral-upwards. An ascendant triangle has formed, which, once cleared, the USD/CAD might rally towards its measured target objective at 1.3560/70.

USD/CAD One-hour chart

USD/CAD technical levels

USD/CAD

Overview
Today last price	1.3445
Today Daily Change	-0.0002
Today Daily Change %	-0.01
Today daily open	1.3447

Trends
Daily SMA20	1.3383
Daily SMA50	1.3494
Daily SMA100	1.3536
Daily SMA200	1.3231

Levels
Previous Daily High	1.3449
Previous Daily Low	1.336
Previous Weekly High	1.3472
Previous Weekly Low	1.3262
Previous Monthly High	1.3685
Previous Monthly Low	1.33
Daily Fibonacci 38.2%	1.3415
Daily Fibonacci 61.8%	1.3394
Daily Pivot Point S1	1.3389
Daily Pivot Point S2	1.333
Daily Pivot Point S3	1.33
Daily Pivot Point R1	1.3478
Daily Pivot Point R2	1.3508
Daily Pivot Point R3	1.3567

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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