The USDCAD currency pair has continued its upward trajectory, extending the rally from 1.3116 to reach as high as 1.3372. The pair is currently facing a key resistance level at 1.3387, which will be closely watched by traders for a potential breakout. A successful break above this resistance could open the door for further gains, with the next resistance level at 1.3461 coming into focus.
Traders will monitor price action near the resistance level, looking for bullish momentum and confirmation of a breakout. A sustained move above 1.3387 would validate the strength of the uptrend and potentially attract additional buying interest.
In terms of support, the immediate level to watch is at 1.3285, followed by the rising trend line on the 4-hour chart. These levels are expected to provide some downside protection and may act as buying opportunities for traders looking to join the uptrend. However, a break below the trend line support could signal a pause in the upward momentum and bring the price back towards the previous low at 1.3116.
To summarize, the USDCAD pair has extended its upside move, approaching a key resistance level at 1.3387. A break above this level could lead to further gains with the next resistance at 1.3461. Immediate support is seen at 1.3285, followed by the rising trend line. Traders should closely monitor price action and market developments for potential breakout opportunities and adjust their trading strategies accordingly.
