USD CAD Chart Pattern Suggests 1.1177 Target

Technical and fundamental factors continue to underpin the USD CAD. 

Intraday Analysis

USD CAD

Technical and fundamental factors continue to underpin the USD CAD. 

Technically this market is being driven higher by last week’s closing price reversal bottom.  The current upside momentum is strong enough to drive this currency pair higher for another 2 to 3 weeks.

The chart pattern suggests a minimum 50% retracement.  The current main range is 1.1724 to 1.0630.  The retracement zone of this range is 1.1177 to 1.1306.  Look for this rally to continue until this zone is reached.