- The cup and handle bull breakout seen in the USD/CAD hourly chart indicates the currency pair has likely bottomed out at 1.2887 and has opened the doors to 1.31 (target as per the measured height method).
- The outlook as per the daily chart would turn bullish if the pair clears the trendline sloping downwards from the June 27 high and July 20 high. As of writing, the trendline hurdle is located at 1.3119.
- On the downside, a move below 1.2962 would invalidate the intraday bullish view put forward by the hourly chart.
Hourly Chart
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Spot Rate: 1.3012
Daily High: 1.3023
Daily Low: 1.2969
Trend: Bullish
R1: 1.3064 (July 11 low)
R2: 1.31 (50-day moving average)
R3: 1.3119 (falling trendline hurdle)
Support
S1: 1.3005 (100-day moving average)
S2: 1.2959 (5-day moving average)
S3: 1.2887 (Aug. 28 low)
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