USD/CAD bulls in control

FXStreet (Barcelona) - USD/CAD is trading at 1.1360, up 0.83% on the day, having posted a daily high at 1.1379 and low at 1.1262.

USD/CAD failed at 1.1380 while the charts still remain bullish across a range of timeframes. We can see that the hourly and daily charts are showing USD/CAD breaking out of respective consolidations bullishly and the trend momentum signals have aligned bullishly favoring further upside potential across a range of short, medium and longer-term time frames which suggests that there could be an extension higher yet. Analysts at TD Securities noted that the USD/CAD bounced nicely from the 40-day MA support last week and said the push through 1.1195 (daily consolidation break out) suggests 300+bps of upside potential in the next 1-2 months.

USD/CAD noteworthy levels

Spot is presently trading at 1.1360, and next resistance can be seen at 1.1379 (Daily High), 1.1414 (Daily Classic R2), 1.1454 (Weekly Classic R2) and 1.1494 (Daily Classic R3). Next support to the downside can be found at 1.1340 (Daily Classic R1), 1.1334 (Yesterday's High), 1.1304 (Hourly 20 EMA), 1.1297 (YTD High) and 1.1297 (Monthly High).