Ascending Trendline is Supporting the USD/CAD Pair

USD/CAD Technical Analysis

The USD/CAD pair is currently facing a correction after placing significant gains in the past two days. The currency pair experienced substantial bullish gains on Tuesday, as depicted by the Blue and Red horizontal lines. The blue line represents the daily highest level at 1.36479, and the red represents the daily lowest level at 1.35245.

The ascending trendline drawn from the 14th April low at 1.33006 offers support to the currency pair. Whereas the upside seems to have been limited at the 1.36510 level, where the initial resistance lies. Now the focus will be on the upcoming US GDP release that could either put an end to the USD/CAD’s outstanding bullish performance or accelerate it further to the upside.