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USD/CAD - Breaking The Upside Trend-Line

By - Sep 17, 2015, 5:48 AM CDT

USD/CAD is still trading in range. Hourly support is given at 1.3117 (31/08/2015 low). Stronger support can be found at 1.2862 (29/07/2015 low). Resistance lies at 1.3354 (25/08/2015 high). For the time being, we remain bullish on the pair as long as support at 1.3117 stands. Nonetheless the upside trend-line is on target.

In the longer term, the break of the key resistance at 1.3065 (13/03/2009 high) has indicated increasing buying pressures, which favours further medium-term strengthening. Support can be found at 1.1731 (06/01/2015 low).

Daily Technical Report