USD/CAD readies to attack an important resistance. - technical analysis - 17-12-2015

USD/CAD kept rising high in the short term, along with trading inside an ascending price channel that limited the pair's previous movements in the short term, and with a continuing positive pressure from the simple moving average for the period 50; settling thereafter above the support of 1.3622, and reaching the important resistance level of 1.3839, taking in notice a venting of the overbought swelling in relative power indicators; one that indicates a persisting will to rise even more, readying to attack the resistance of 1.3839.

 

We therefore expect the pair to rise further, if it broke the resistance of 1.3839, targeting thereafter the resistance of 1.4080.