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USDCAD Set to Extend its Gains After Breaking Through Resistance

USDCAD Set to Extend its Gains After Breaking Through Resistance

Martin Essex, MSTA, Analyst

USDCAD talking points:

- USDCAD has climbed above resistance from a trendline joining the October 27, 2017 and December 19, 2017 highs, suggesting further gains are likely.

- A possible target now is a longer-term trendline connecting the highs reached in January 2016 and May 2017.

Learn how to trade like an expert by reading our guide to the Traits of Successful Traders

Check out the top trading opportunities for 2018 on the DailyFX Trading Guides page

USDCAD to Strengthen Further

USDCAD has clambered above resistance from a trendline on the daily chart joining the highs touched in late October last year and again in December. That suggests a continuation of the uptrend that began in early February this year.

USDCAD Price Chart, Daily Timeframe (October 17, 2017 – March 14, 2018)

Updated USDCAD short-term chart

Chart by IG

The latest advance brings into sight a longer-term trendline connecting the highs from January 2016 and May 2017.

USDCAD Price Chart, Daily Timeframe (December 14, 2015 – March 14, 2018)

Updated USDCAD long-term chart

Chart by IG

That brings into focus an advance to the 1.31 – 1.32 region, particularly as another trendline joining the lows from early February, currently at 1.2820, continues to provide firm support. However, it will first have to break minor resistance at the psychologically significant 1.30 level.

Note, though, that the 14-day relative strength index at the bottom of the charts above is no longer in over-bought territory above 70, having dipped back to the current 66 mark.

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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