{"id":30895,"date":"2022-06-23T02:39:00","date_gmt":"2022-06-23T01:39:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=30895"},"modified":"2022-06-24T01:01:55","modified_gmt":"2022-06-24T00:01:55","slug":"usdcad-technical-analysis-1-3000-up-next","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-1-3000-up-next\/","title":{"rendered":"USDCAD Technical Analysis &#8211; 1.3000 Up Next"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"30895\" class=\"elementor elementor-30895\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-214ccd1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"214ccd1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4c1e757\" data-id=\"4c1e757\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1b35a6e elementor-widget elementor-widget-text-editor\" data-id=\"1b35a6e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The US dollar is pushing higher against the Canadian dollar, following Federal Reserve Chair Jerome Powell\u2019s testimony before US Congress where he paved the way for further aggressive rate action from the US central bank.<\/p><p>Oil latest weakness is also factor behind the recent decline in the Canadian dollar after weekly inventory data from the American Petroleum Institute showed an improvement in stockpiles.<\/p><p>As per the API Weekly <a href=\"https:\/\/bit.ly\/3xXeisy\" target=\"_blank\" rel=\"noopener\">Crude Oil<\/a> report for the period ending on Jun 17, stockpiles rose 5.607 million barrels in the United States versus an increase of 0.736 million barrels the previous week.<\/p><p>Additionally, talks that the United States President Joe Biden will announce gas tax relief by the end of the week also weighed on the oil prices, which in turn also impacts the Canadian dollar currency.<\/p><p>Going into the rest of the week the focus is going to be on the United States PMI Manufacturing report and the 1.3000 level on the <a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">USDCAD<\/a> pair. More weakness in oil could prompt a break above the 1.3000 area.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-976aaa8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"976aaa8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-92352d1\" data-id=\"92352d1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a4aa5b4 elementor-widget elementor-widget-image\" data-id=\"a4aa5b4\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"439\" height=\"163\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/06\/usdcad-chart-2.jpg\" class=\"attachment-large size-large wp-image-30898\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2d6048b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2d6048b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8a218f2\" data-id=\"8a218f2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9de5047 elementor-widget elementor-widget-text-editor\" data-id=\"9de5047\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Relatively neutral levels of sentiment are still being seen towards the USDCAD pair, with some 53 percent of traders currently holding a positive view towards the USDCAD pair.<\/p><p>This neutral sentiment bias is not conclusive to further market breakout, but it is worry and it could mean that USDCAD bulls could be in for a tough week in breaking the 1.3000 resistance level.<\/p><p><strong>USDCAD Short-Term Technical Analysis<\/strong><\/p><p>The USDCAD pair has formed a notable inverted head and shoulders pattern, and the inverted head and shoulders pattern that has yet to ignited to the upside with a clean break of the 1.3050 level.<\/p><p>According to the size of this pattern it is implying that the USDCAD pair could actually rally by 500 points. However, the recent stall of the 1.3000 area has thrown shades of grey on this theory.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-108c375 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"108c375\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1ddd922\" data-id=\"1ddd922\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8ee3f70 elementor-widget elementor-widget-image\" data-id=\"8ee3f70\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"554\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/06\/USDCAD-4H-1.jpg\" class=\"attachment-large size-large wp-image-30899\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e147abc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e147abc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-30a42bba\" data-id=\"30a42bba\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-61462ef3 elementor-widget elementor-widget-text-editor\" data-id=\"61462ef3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-837f731 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"837f731\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c5bb093\" data-id=\"c5bb093\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7d49647 elementor-widget elementor-widget-text-editor\" data-id=\"7d49647\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>USDCAD Medium-Term Technical Analysis<\/strong><\/p><p>The USDCAD pair is largely range bound over the medium-term, with the range to watch 1.3000 to 1.2000. This is the key price range to watch going forward as a clean break from 1.3000 and the USDCAD could be seriously bullish.<\/p><p>A large, inverted head and shoulders pattern has also formed, which continues to foreshadow more gains in the USDCAD pair. A break under 1.2300 would invalidate the pattern.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ceb5c5b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ceb5c5b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6a0ade4\" data-id=\"6a0ade4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-53aca9e elementor-widget elementor-widget-image\" data-id=\"53aca9e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"553\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/06\/usdcad-1d-1.jpg\" class=\"attachment-large size-large wp-image-30901\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-418a1972 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"418a1972\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-164a251\" data-id=\"164a251\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-415ab386 elementor-widget elementor-widget-text-editor\" data-id=\"415ab386\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The US dollar is pushing higher against the Canadian dollar, following Federal Reserve Chair Jerome Powell\u2019s testimony before US Congress where he paved the way for further aggressive rate action from the US central bank. Oil latest weakness is also factor behind the recent decline in the Canadian dollar after weekly inventory data from the [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":4423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[64,42,107,31],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>USDCAD Technical Analysis - 1.3000 Up Next - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-1-3000-up-next\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USDCAD Technical Analysis - 1.3000 Up Next USDCAD Technical Analysis - 1.3000 Up Next\" \/>\n<meta property=\"og:description\" content=\"The US dollar is pushing higher against the Canadian dollar, following Federal Reserve Chair Jerome Powell\u2019s testimony before US Congress where he paved the way for further aggressive rate action from the US central bank.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-1-3000-up-next\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-23T01:39:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-24T00:01:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/GettyImages-1137545347.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"504\" \/>\n\t<meta property=\"og:image:height\" content=\"299\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"USDCAD Technical Analysis - 1.3000 Up Next USDCAD Technical Analysis - 1.3000 Up Next\" \/>\n<meta name=\"twitter:description\" content=\"The US dollar is pushing higher against the Canadian dollar, following Federal Reserve Chair Jerome Powell\u2019s testimony before US Congress where he paved the way for further aggressive rate action from the US central bank.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-1-3000-up-next\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-1-3000-up-next\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"USDCAD Technical Analysis &#8211; 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