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USD/CAD – Will the flag pattern stay valid?

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 18 Dec 2022
usdcad -Technical Analysis

Table of Contents

The USD/CAD price maintains a bullish bias after finding strong support at 1.3521. The pair is now standing around a key resistance level at 1.3700. The pair is eying Canadian GDP and US Core PCE Index data to find further fresh impetus.

The daily chart shows further rising prospects as the 20-day, and 50-day SMAs lend support and potentially form a bullish crossover. However, the bearish flag pattern may prevent buyers from taking further long positions. If the pattern is invalidated, we may see a massive rally toward the 1.4000 mark.

Key levels to watch

Support 1: 1.3615

Support 2: 1.3521

Support 3: 1.3420

Resistance 1: 1.3740

Resistance 2: 1.3800

Resistance 3: 1.3875

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