USD/CAD is trading near 1.3680, breaking above the 1.3609 resistance level at the start of the European trading session, which has now become another support level in the USD/CAD global uptrend .
Technical indicators on the weekly and monthly charts also indicate long positions. More conservative buyers can wait for the break of local resistance levels 1.3695, 1.3710.
Given the strong bullish momentum and expectations of further US dollar strength, the main scenario is for further USD/CAD growth.
It is also worth noting that today the volatility of the USD/CAD pair will increase at 12:30 (important US macro data is released), at 14:00 (Ivey PMI is released, showing the degree of economic health of Canada ) and at 15:35 (speech by the governor of the Bank of Canada, Tiff Macklem).
For more information on today’s and tomorrow’s events, see “Dollar: outlook (until the end of this week and beyond)” and “The most important economic events of the week 03.10.2022 – 09.10.2022”.
Support levels: 1.3609, 1.3500, 1.3450, 1.3350, 1.3255
Resistance levels: 1.3695, 1.3710, 1.3800, 1.3830
