USD/CAD Technical Analysis: ascending channel breakout to fuel a move beyond 1.3300 mark

Haresh Menghani FXStreet

• The bullish trajectory remains unabated amid resurgent US Dollar demand and a sharp fall in crude oil prices.
• Move beyond mid-1.3200s marked a fresh bullish break through a short-term ascending trend-channel formation on daily charts.
• With short-term technical indicators still far from being highly overbought, the bullish momentum seems more likely to get extended in the near-term.

USD/CAD daily chart

Current Price: 1.3274
Daily Low: 1.3196
Trend: Bullish

Resistance
R1: 1.3300 (round figure mark)
R2: 1.3320 (R3 daily pivot-point)
R3: 1.3348 (June 21, 2017 swing high)

Support
S1: 1.3249 (ascending trend-channel break-point)
S2: 1.3200 (daily pivot-point)
S3: 1.3159 (overnight swing low)

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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