USD/CAD Technical Analysis: likely to aim towards testing rising wedge resistance

Haresh Menghani FXStreet

• Bulls build on the positive momentum further beyond the key 1.30 psychological mark, reinforcing last week's rebound from a short-term ascending trend-line support.
• A follow-through up-move has the potential to continue lifting the pair further towards another ascending trend-line resistance, forming a part of a rising wedge pattern on daily charts.
• Short-term technical indicators hold in bullish territory and remain supportive, albeit repositioning trade ahead of today's highly anticipated FOMC decision could negate bullish expectations.

USD/CAD daily chart

Spot Rate: 1.3036
Daily Low: 1.3011
Trend: Bullish

Resistance
R1: 1.3067 (2-1/2 month tops set last Tuesday)
R2: 1.3085 (ascending trend-line)
R3: 1.3125 (March 19 swing high)

Support
S1: 1.3000 (psychological round figure mark)
S2: 1.2984 (100-period SMA H1)
S3: 1.2955 (Monday's weekly low)

Author

Haresh Menghani

FXStreet

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

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.