USD/CAD to enjoy further gains on a break above 1.3024/27 – DBS Bank

USD/CAD has straddled a 2.3% price corridor since the outbreak of the Russia-Ukraine crisis. Benjamin Wong, Strategist at DBS Bank, maintains a tactical long USD posture.

USD still sits within a bullish ascending triangle that requires resolution either way

“Until 200-day moving average (DMA) of 1.2577 and the trendline that connects higher from 1.2013 (June 2021 lows) which axes at 1.2555 give way, USD bulls are still holding on.”

“Successfully holding up USD despite oil prices rallying to 13-year highs can direct USD higher via a bullish ascending triangle setup. A break above 1.3024-1.3027 is still an essential price trigger.”