USD/CAD clearly trending upwards printing lower lows and lower highs. The pair is trading above both 200- and 50-Moving Averages and managed to close above the ascending channel.
Currently USD/CAD is right at the 50% Fibonacci level applied to the channel breakout point. This level is likely to act as support inviting more buyers.
Consider buying USD/CAD at the current level (1.3380) targeting either 38.2% (1.3463) or 23.6% Fibs (1.3570). Suggested stop loss is 1.3220.
Support: 1.3288, 1.3375
Resistance: 1.3463, 1.3570
