USD/CAD Technical Analysis: April 25, 2017
The U.S. dollar against the Canadian dollar surpassed the 1.3535 Resistance level up to 1.3560 level. This could further go up towards the next target at 1.3600 region. The short term support is progressing in an upward direction from 1.3223 level and it seems that this will persist for sometime. The major resistance level is positioned at 1.3410 and a break lower than the said level indicates the completion of the uptrend.
The pair declined in the beginning of Monday session but recovered after a hammer like candle is formed. The oil market sold off which then influenced the currency and followed through. The market keep /on trying to break higher than the 1.35 level towards the next target at 1.36 handle. It is anticipated that actions in the upper channel would result to a “buy and hold” condition and may not be favorable to sell this for now. Buyers could return in the market in instanced of near-term reversals with the current condition of the oil market.