USDCAD Remains Bullish

usdcad-min (1)

USDCAD is pausing after it set a new 11-year high of 1.3352 on August 25. The current pause is characterized by the stochastics, where the %K line has been heading lower since the peak and is still trending down, suggesting the pair has yet to gain new momentum. RSI is moving slightly higher above 50 so it is likely prices will hold near current levels in the near term until they’ve regained momentum.

The August 25 high of 1.3352 is the resistance level that USDCAD needs to break to maintain the current uptrend. With prices above the moving averages and the Ichimoku cloud, the pair looks set to make fresh 11-year highs in the medium term.

On the downside, the Kijun-sen line provides support at 1.3106. A drop below this level would weaken the bullish bias.

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