This key breakout could have major bullish implications
Since the beginning of this week, the USD has been growing in the currency market and in the pair USD/CAD. The rise in the USD is caused by greater expectation of Dec rate hike and in anticipation of the release of the non-farm payroll scheduled for 8:30 (GMT -4).
Technically, an ascending channel has formed with theoretical target at 1.3856. Looking at technical indicators, the 50-day simple moving average and 100-day simple moving average are turning up with the shorter average above the longer term average. The MACD and RSI are supported by rising trend lines. Furthermore, I have identified a major resisitance at 1.3245 that has been in place since March 2016. I think that a break above the 1.3245 resistance with a significant margin would have major bullish implications. Be ready!
Technically, an ascending channel has formed with theoretical target at 1.3856. Looking at technical indicators, the 50-day simple moving average and 100-day simple moving average are turning up with the shorter average above the longer term average. The MACD and RSI are supported by rising trend lines. Furthermore, I have identified a major resisitance at 1.3245 that has been in place since March 2016. I think that a break above the 1.3245 resistance with a significant margin would have major bullish implications. Be ready!
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