Aligned with the DXY holding above the 96 support and approaching the 100-resistance, the USDCAD is maintaining a rebound above the 1.3540 level.
It has maintained a hold beyond the boundaries of a contracting downtrend across 2025 and is aiming for the 1.38 resistance to confirm a steeper bullish breakout.
A sustained move above 1.38, which connects lower highs from June and July, while the RSI holds below the 50 neutral line, could extend gains toward the 1.40 level.
From the downside, should the breakout above 1.38 fail, the pair may remain trapped within the consolidation range extending from June, with initial support seen at 1.3580.
Written by Razan Hilal, CMT
It has maintained a hold beyond the boundaries of a contracting downtrend across 2025 and is aiming for the 1.38 resistance to confirm a steeper bullish breakout.
A sustained move above 1.38, which connects lower highs from June and July, while the RSI holds below the 50 neutral line, could extend gains toward the 1.40 level.
From the downside, should the breakout above 1.38 fail, the pair may remain trapped within the consolidation range extending from June, with initial support seen at 1.3580.
Written by Razan Hilal, CMT
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.