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USD/CAD Technical Analysis: May Be Near Confirming a Bullish Bias

USD/CAD Technical Analysis: May Be Near Confirming a Bullish Bias

Paul Robinson, Strategist

USD/CAD Technical Highlights:

  • USD/CAD challenging the March trend-line
  • A breakout could lead back to the 13000 area

USD/CAD is putting serious pressure on the March trend-line for a second time in a week. Last week’s powerful thrust may only be the beginning of a broader advance in the days/weeks ahead. But before it can make that move it needs to trade above the year-long line-in-the-sand.

A close above the trend-line and last week’s high at 12747 will provide a higher-high following what could amount to a higher-low this week. On a breakout, the 13000 area will be in focus as an initial target. This level extends back to the final trading session of 2019, but has more recently been used as support (November) and resistance (December).

If, however, we don’t see a confirmed break then the trading outlook for USD/CAD will remain neutral to bearish. It shouldn’t be long before we have a solid trading bias one way or another to work with.

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USD/CAD Daily Chart (March t-line, 12747 in focus)

usd/cad daily chart

USD/CAD Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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