FX.co ★ USD/CAD: more gains ahead

The USD/CAD pair resumed its growth and now is trading at 1.3530. You knew from my previous analyses that the currency pair could develop a new swing higher. The bias is bullish in the short term, so further growth is favored.

Fundamentally, the US economic figures could move the rate later today. The Core Durable Goods Orders may report a 0.2% growth, while Durable Goods Orders is expected to report a 0.5% drop. Positive data could help the pair to approach and reach new highs.

USD/CAD Leg Higher!

As you can see on the h1 chart, the rate extended its growth after taking out the 1.3491 former high as expected. You knew from my previous analysis that this scenario could take shape after escaping from a minor flag.

Now, it has jumped above the former high of 1.3523 and it seems determined to resume its growth.

USD/CAD Forecast!

Breaking above 1.3523 was seen as a bullish signal. Staying near this obstacle announced an imminent breakout. Testing and retesting the broken resistance and making a new higher high activates further growth. A bullish closure above today's high of 1.3537 could be seen as a buying opportunity. Taking out the R1 (1.3540) confirms an upside continuation.