- USD/CAD jumped to 1.3456 soon before press time, the highest level since March 8, possibly on the back of broad-based US dollar strengthen and expectations that the Bank of Canada will adopt a neutral stance on interest rates later today and trim 2019 growth forecasts.
- Notably, the currency pair is currently trading above the upper edge of the contracting triangle, as seen on the daily chart.
- A breakout would be confirmed if the pair remains above that key hurdle post the Bank of Canada’s rate decision, due today at 14:00 GMT. That would open the doors to a retest of January highs above 1.3660.
- The outlook would turn bearish if and when the spot finds acceptance below the lower edge of the triangle.
Trend: Cautiously bullish
- R3 1.3564
- R2 1.3504
- R1 1.3462
- PP 1.3402
- S1 1.3362
- S2 1.3302
- S3 1.326
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.