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Technical Analysis – USDCAD bullish near 11-year highs

USDCAD is hovering near an 11-year high of 1.3212. This peak was reached on August 5th. Currently prices are around 1.3110 in early Tuesday European session trading.

Technical studies are quite bullish, with the tenkan-sen and kijun-sen lines being positively aligned and rising. Also the daily Ichimoku cloud is rising. RSI is in bullish territory above 50 although it has been trending lower recently, suggesting the market is consolidating in the near term.

To the downside, immediate support is seen at 1.2951 and 1.2834. To the upside, once the peak of 1.3212 is breached there is scope to target the 1.40 handle.

The bullish trend is expected to remain as long as the market holds above 1.20. We can see how USDCAD has been steadily rising since 2012, from 0.9630.

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