Daily Forex Update: USD/CAD
AutoChartist | Jul 30, 2014 02:32AM ET
USD/CAD continues to rise after the recent breakout of the 4-hour key resistance level 1.0834 that was earlier identified by Autochartist –as you can see below. The pair is expected to rise to the target level 1.0914 in the coming trading sessions. This key resistance breakout follows the earlier breakout of the weekly Falling Wedge from March. This Falling Wedge was broken by the upward impulse from the support zone lying at the intersection of the weekly support trendline from September of 2009 and lower weekly Bollinger Band (as you can see from the weekly USD/CAD chart below).
The weekly USD/CAD chart below shows the longer-term picture of this pair’s movement:
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