Currency analyst

USD/CAD: loonie moves up

On the USD/CAD daily chart, quotes came closer to the important resistance line at 1.3306 (38.2% Fibonacci retracement level of the last long downward wave). If this resistance line is broken out, the quotes will continue their rally towards targets 200% and 161.8% in the AB = CD pattern and "Crab" pattern (1,358-1,36).

On the USD/CAD hourly chart, successful test of the resistance line at 1.3295 will create the prerequisites for the continuation of the quotes' rally in the direction of the upper limit of the upward trade channel (1.3415). There is also the target 161.8% in the "Three Indians" pattern.

Recommendation: BUY 1,3295 SL 1,324 TP1 1,3415 TP2 1,358 TP3 1,36

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