CAD – USD/CAD Double-Bottom Formation Targeting 1.40

USD/CAD had been capped by the 100-day moving average in recent months before finally breaking higher on Wednesday, raising the prospect of a more forceful advance within a double-bottom structure. RSI continues to trend higher, supporting a short-term bullish bias. Support is first seen at 1.3820 and 1.3640, then 1.3550 and the 1.35 level. On the upside the pair is testing the 1.40 handle, with larger resistance at 1.4080 and 1.4180 and an extension target at 1.4250.

Projected Range
Resistance: 1.4000 – 1.4080 – 1.4180 – 1.4250  
Support: 1.3820 – 1.3640 – 1.3550 – 1.3500

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