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USDCAD : Might Break Above the Key Resistance at 1.0952, US Non-Manufacturing PMI in Focus

USDCAD : Daily Chart

USDCAD is currently testing the key resistance at 1.0952 and may rise if the upcoming data of ISM Non-manufacturing PMI beats the economist’s expectation for an increase to 56.6. The pair now seems bullish as the moving averages (50 day SMA and 200 day SMA) are also heading upward changing their direction. If the pair breaks above the current resistance which it is testing, the next nearest resistance it will find is at 1.1042

USDCAD : 4 Hour Chart

If looking at the 4 hour chart, the pair seems like trading within an upward sloping channel and thus might rise until it find resistance from the rising resistance trend line of the channel. A bullish confirmation will only be built if the pair breaks above this resistance trend line. All the moving averages are signaling an uptrend continuation.