USD/CAD: Bullish impulse is calling for a breakout

29 Jul

USDCAD is making a pretty strong rise after the Bank of Canada lowered rates by 25 basis points as expected this month. The price is now testing the major trend line resistance of higher degree triangle on the daily chart, connected from October 2022, and we are wondering if will breakout, which is certainly possible in a risk-off environment, with lower stocks and also lower crude oil.

Support on dips is at 1.3780
GH