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USDCAD : Breakout From Rising Channel,Next Target 1.1220

USDCAD : Daily Chart

USDCAD today might break above the uptrend channel as Final GDP report supports the demand for US dollar. The official data showed that U.S. second quarter GDP expanded at an annual rate of 4.6% in second quarter in line with the forecast which was initially reported to have increased by 4.2%. The upbeat data added expectations for an early rate hike by Fed. On the daily chart, the pair was following a rising trend before the breakout.

USDCAD : Weekly Chart

On the weekly chart, we can see that the pair is now trading in the range of resistance at 1.1220 and support at 1.0956. So the next target would be 1.1220. Currently no sign of bearish on the pair and moving averages are also signaling an uptrend continuation. The pair might fluctuate next week as a series of US data and Canadian data will let investors enter positions.