USD/CAD Technical Analysis: Greenback bulls reach almost the 1.3350 target

USD/CAD is grinding higher for sixth consecutive day. Bulls have almost reach the 1.3350 June 21, 2017 swing high.
Although the trend is bullish it is reasonable to expect some profit-taking near 1.3350. If the level is breached to the upside the next bull’s target should become the 1.3543 June 9, 2017 swing high.
If USD/CAD fails to beak above 1.3350 a rotation towards the 1.3200 figure can be on the cards.

Flavio Tosti Independent Analyst

USD/CAD 15-minute chart

Spot rate: 1.3323
Relative change: 0.09%
High: 1.3337
Low: 1.3283

Trend: Bullish

Resistance 1: 1.3337, current weekly high
Resistance 2: 1.3350 June 21, 2017 swing high
Resistance 3: 1.3543 June 9, 2017 swing high

Support 1: 1.3266 Wednesday’s low
Support 2: 1.3200 figure
Support 3: 1.3155 former supply/demand level

Author

Flavio Tosti

Independent Analyst

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