- The USD/CAD pair closed yesterday at 1.3188, confirming a falling channel breakout, meaning the sell-off from the 2018 high of 1.3386 has ended and the bull run from the April 17 low of 1.2527 has likely resumed.
- The pair also closed above the key resistance at 1.3175 yesterday. As a result, it seems safe to say that the spot could revisit the yearly high of 1.3386 in the next couple of weeks.
- The falling channel breakout also added credence to the bull flag breakout seen in the monthly chart.
Daily Chart
Spot Rate: 1.3167
Daily High: 1.3208
Daily Low: 1.3164
Trend: Bullish
R1: 1.3208 (previous day’s high)
R2: 1.3268 (76.4% Fib R of 1.3386/1.2887)
R3: 1.3290 (July highs)
Support
S1: 1.3150 (ascending trendline support on the hourly chart)
S2: 1.3118 (50-hour moving average)
S3: 1.31 (psychological support)
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