USD/CAD Technical Analysis: Bulls gearing up for a move towards 18-month tops, around 1.3445 region

Haresh Menghani FXStreet

• The pair has been oscillating between two converging trend-line over the past 1-1/2 week or so, forming a symmetrical triangle on short-term charts.

• The fact that the pair has managed to hold above important intraday moving averages - 50, 100 & 200-hour SMA, support prospects for an eventual bullish breakout.

• Meanwhile, bullish technical indicators on hourly/daily charts further add credence to the constructive outlook, despite the prevalent USD selling bias.

• A convincing break through the 1.3400 handle will reinforce/confirm a bullish breakout and set the stage for a retest of 18-month tops, around the 1.3445 region.

USD/CAD 1-hourly chart

USD/CAD

Overview:
    Today Last Price: 1.3394
    Today Daily change: 14 pips
    Today Daily change %: 0.105%
    Today Daily Open: 1.338
Trends:
    Previous Daily SMA20: 1.3298
    Previous Daily SMA50: 1.3178
    Previous Daily SMA100: 1.3098
    Previous Daily SMA200: 1.3028
Levels:
    Previous Daily High: 1.3402
    Previous Daily Low: 1.3347
    Previous Weekly High: 1.3424
    Previous Weekly Low: 1.3292
    Previous Monthly High: 1.336
    Previous Monthly Low: 1.3048
    Previous Daily Fibonacci 38.2%: 1.3381
    Previous Daily Fibonacci 61.8%: 1.3368
    Previous Daily Pivot Point S1: 1.3351
    Previous Daily Pivot Point S2: 1.3321
    Previous Daily Pivot Point S3: 1.3295
    Previous Daily Pivot Point R1: 1.3406
    Previous Daily Pivot Point R2: 1.3432
    Previous Daily Pivot Point R3: 1.3461

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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