USD/CAD looks to be starting a leg higher within a range that began unfolding in May.
USD/CAD starts fresh leg higher within a multi-month range and is poised to continue rising. The Canadian Dollar is weakening and USD/CAD has broken above all key Moving Averages. The pair’s lack of directionality means the short-term trend is sideways and given the “trend is your friend” the odds favor more ups and downs to come. USD/CAD 4-hour Chart Currently the pair appears to be in the process of rising towards the 1.3788 ceiling as the Canadian Dollar undergoes a period of weakening.
It has broken above all three major Simple Moving Averages – another bullish sign. A break above 1.3695 would confirm further upside. The Moving Average Convergence Divergence indicator crossed above its red signal line on July 5 after the initial bounce and is rising towards the zero line. This corroborates the view that an up leg is evolving.
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