USD/CAD Technical Analysis: Prints 6.5-week highs, teasing triangle breakout

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.

Omkar Godbole FXStreet Contributor

Daily chart

Trend: Cautiously bullish

Pivot points

1. R3 1.3564
2. R2 1.3504
3. R1 1.3462
PP 1.3402
1. S1 1.3362
2. S2 1.3302
3. S3 1.326

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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