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  • USD/CAD jumped to 1.3456 soon before press time, the highest level since March 8, possibly on the back of broad-based US dollar strengthen and expectations that the Bank of Canada will adopt a neutral stance on interest rates later today and raise growth forecasts lower.  
  • Notably, the currency pair is currently trading above the upper edge of the contracting triangle, as seen on the daily chart.  
  • A breakout would be confirmed if the pair remains above that key hurdle post the Bank of Canada’s rate decision, due today at 14:00 GMT.   That would open the doors to a retest of January highs above 1.3660.  
  • The outlook would turn bearish if and when the spot finds acceptance below the lower edge of the triangle.

Daily chart

Trend:  Cautiously bullish

Pivot points