USD/CAD Technical Analysis: Uptrend Continuation Expected Amidst Positive Momentum 13/6/2024

The USD/CAD pair continues to exhibit a strong upward trend, bolstered by its firm footing above the crucial support level of 1.3690.

Technical Outlook

Our technical analysis suggests a continuation of the uptrend. The positive momentum derived from the simple moving averages, coupled with the Relative Strength Index’s (RSI) attempts to generate more positive signals, reinforces this bullish outlook.

Upside Targets

We anticipate further upward movement, with initial targets set at 1.3775 and 1.3810. A decisive break and consolidation above 1.3810 would significantly strengthen the uptrend, potentially propelling the pair towards 1.3840.

Downside Risks

However, traders should remain vigilant as a return of trading below 1.3690 could trigger a retest of the pivotal support level at 1.3600 before any further attempts to rise.

Important Note

The release of high-impact U.S. economic data today, including annual producer prices and basic monthly/annual producer prices excluding energy and food, could induce significant price volatility. Traders should exercise caution and closely monitor the market’s reaction to these data releases.

Key Levels

• Support: 1.3690, 1.3600
• Resistance: 1.3775, 1.3810, 1.3840

Disclaimer

This analysis is for informational purposes only and does not constitute financial advice. Trading foreign exchange involves risk, and traders should always conduct their own research and exercise caution.

S1: 1.3690	R1: 1.3775
S2: 1.3645	R2: 1.3810
S3: 1.3600	R3: 1.3860