USD/CAD Technical Analysis: Bulls gearing up for a move towards 18-month tops, around 1.3445 region
• 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
Today Last Price: 1.3394
Today Daily change: 14 pips
Today Daily change %: 0.105%
Today Daily Open: 1.338
Previous Daily SMA20: 1.3298
Previous Daily SMA50: 1.3178
Previous Daily SMA100: 1.3098
Previous Daily SMA200: 1.3028
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