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USD/CAD Resistance at Rising Channel (May 29, 2013)
USD/CAD’s uptrend is still very strong as the rising channel on its shorter-term time frame is still holding. The pair recently found support at the bottom, which is near 1.0350, and bounced right back up when the U.S. printed strong consumer confidence data yesterday.
The pair could be on its way to test the top of the rising channel, which is near the 1.0450 minor resistance level. Stochastic has already reached the overbought area, which means that sellers could take control of price action soon.
Take note that the BOC interest rate decision is scheduled today, and this event could provide enough volatility for USD/CAD. Downbeat remarks from BOC Governor Carney could trigger a quick Loonie selloff, but this might not last as he is set to step down from office soon.
By Kate Curtis from Trader's Way
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