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    Technical Analysis – USDCAD hits new 11-year high, bullish above 1.40

    USDCAD moved another leg higher after breaching the key level of 1.4000 last week. On Monday the pair hit a new 11-year high of 1.4187.

    The technical indicators on the daily chart are bullish, with positively aligned tenkan and kijun lines and a rising Ichimoku cloud. Also the market is above the 200-day moving average.

    The RSI is in bullish territory but it has reached overbought levels above 70 which suggests there could be some consolidation in the near term.

    Support lies at the key 1.4000 level and sustained trading above this would keep the bullish bias intact. A drop below 1.3100 would result in a significant shift in the current upside bias. This level is also near the 50% Fibonacci retracement level of the rise from 1.1919 to 1.4187.

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