- USD/CAD has established resistance at 1.3616 in the past 24 hours.
- A move above that level is needed to revive the rally from weekly lows.
USD/CAD is trading near 1.3594, representing marginal losses on the day, having put in a high of 1.3616 during the early Asian trading hours.
The pair has faced rejection at 1.3616 two times in the past 24 hours. As a result, that is now the level to beat for the bulls.
A break above 1.3616 would imply a continuation of the Tuesday’s low of 1.35 and would open the doors for the 100-day simple moving average (SMA) at 1.3777.
The probability of the pair rising above 1.3616 in the next few hours would weaken if the pair’s ongoing pull back from session highs breaches the support at 1.3588. That would confirm a double top breakdown on the hourly chart.
Hourly chart
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Trend: Bullish above 1.3616
Technical levels
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