USD/CAD technical analysis: Buyers await falling wedge breakout on H1 to defy recent pullback

USD/CAD forms the trend-reversal pattern on the hourly chart.
A sustained break of 1.3250 can confirm the bullish set-up.

Anil Panchal FXStreet

Despite taking rounds to 1.3220 during early Monday, the USD/CAD pair forms a bullish technical pattern on the hourly chart.

The falling wedge formation gets confirmed if the quote successfully rises past-1.3250 resistance, which in turn can trigger its fresh leg-up towards 1.3400 theoretical target.

However, current month high surrounding 1.3345 can offer intermediate halt during the rally.

Alternatively, pair’s declines below the formation support-line of 1.3185 can induce bears to aim for July 31 low around 1.3100.

USD/CAD hourly chart

Trend: Bullish

1. R3 1.3346
2. R2 1.3311
3. R1 1.3267
PP 1.3232
1. S1 1.3188
2. S2 1.3153
3. S3 1.3109

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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