USD/CAD Technical Analysis: Bullish continuation pattern

The pennant breakout seen in the USD/CAD 15-minute chart indicates a resumption of the rally from the previous day's low of 1.2965 and has opened the doors to a test of supply around 1.31 (psychological hurdle).

On the downside, acceptance below the 10-day moving average of 1.3030 would kill the odds of a rally to 1.31.

15-minute chart

Spot Rate: 1.3055

Daily High: 1.3066

Daily Low: 1.3050

Trend: Bullish

Resistance

R1: 1.3075 (previous day's low)

R2: 1.31 (psychological level)

R3: 1.3112 (50-day moving average)

Support

S1: 1.3030 (10-day moving average)

S2: 1.2962 (100-day moving average)

S3: 1.2822 (200-day moving average)