- USD/CAD is trading sideways, although in the short term it is leaning higher.
- In the near term, USD/CAD is trending higher as an ascending triangle has emerged.
He USD/CAD It rallied during the North American session, erasing previous losses that brought the pair to its daily low at 1.3372. However, a late bounce in the American session spurred a bullish reaction, with the USD/CAD pair almost flat. At the time of writing, the USD/CAD pair is trading at 1.3448.
From a daily chart standpoint, USD/CAD maintains a neutral to bullish bias, although the intersection of several support/resistance trend lines and the presence of the 50/100/20 day EMA around 1.3402-1.3441 keep USD/CAD trendless.
However, although flat, the Relative Strength Index (RSI) is in bullish territory, keeping buyers hopeful for higher prices. On the other hand, the Rate of Exchange (Rate) suggests that USD/CAD could consolidate further as it is almost flat.
To the upside, USD/CAD needs to break the weekly high at 1.3475, which, once broken, will exacerbate a rally towards 1.3500. On the other hand, USD/CAD needs to break 1.3359, the weekly low, to challenge the psychological figure of 1.3300.
In the short term, the USD/CAD one hour chart suggests that the pair is neutral to the upside. An ascending triangle has formed which, once broken, USD/CAD could rally towards its measured target at 13560/70.
USD/CAD one hour chart
USD/CAD technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
