“¢ The pair built on its post-FOMC upsurge and continued gaining positive traction through the early European session on Thursday, hitting a 1-1/2 week high level of 1.3060 in the last hour.
“¢ Having defended a short-term ascending trend-line on the 1-hourly chart, a sustained move beyond the 200-hour SMA and the key 1.30 psychological mark was seen as a key trigger for bullish traders.
“¢ Technical indicators on hourly charts have already moved into near-term overbought conditions but are yet to catch up with the positive momentum on the daily chart.
“¢ Hence, the bullish trajectory seems more likely to take a brief pause ahead of today’s important US macroeconomic releases – the final Q2 GDP print and durable goods orders.
USD/CAD 1-hourly chart
-636736307678010529.png)
Spot Rate: 1.3054
Daily Low: 1.3009
Trend: Bullish, with possibilities of some consolidation
Resistance
R1: 1.3078 (Sept. 12 swing high)
R2: 1.3100 (round figure mark)
R3: 1.3137 (R3 daily pivot-point)
Support
S1: 1.3020 (overnight closing level)
S2: 1.3000 (psychological mark)
S3: 1.2966 (S1 daily pivot-point)
Share
