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Technical Analysis – USDCAD hits 6-year high, upside bias strong

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USDCADDailymarch16USD/CAD broke above the key 1.2800 level on Friday to hit a 6-year high of 1.2822. The tenkan-sen and kijun-sen lines are positively aligned, reinforcing the overall upside potential giving scope to target the 1.3000 level.

To the downside 1.2350 is an important support level. A move back below this level would weaken the underlying bullish bias and bring the bears back in play.

For now the bulls have the upper hand as the overall picture shows the long term rally from 0.9630 is still in progress. The market remains above the Ichimoku cloud. RSI is in bullish territory above 50.

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