USD/CAD technical analysis: The pair may move higher towards the 1.3320 level.Our preference: long positions above 1.3252 with targets at 1.3311 & 1.3385 in extension.Alternative scenario: below 1.3252 look for further downside with 1.3208 & 1.3156 as targets.
The US Dollar formed a solid support near the 1.3180 and later climbed higher against the Canadian Dollar.
The USD/CAD pair gained traction above the 1.3210 resistance and moved into a positive zone.
During the upside, there was a break above a major bearish trend line with resistance at 1.3220 on the hourly chart.
The pair later settled above the 1.3240 and the 50 hourly simple moving average.