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USDCAD : Broke Out From Ascending Triangle Trend

USDCAD : Daily Chart

USDCAD today broke out from the key resistance at 1.0986 confirming the bullish trend on the pair. The pair was earlier following an ascending triangle trend which gives a bullish signal. The next nearest resistance the pair will find is at 1.1052. The stochastic oscillator is also showing an uptrend continuation. The 50 day SMA is also contracting towards the 100 day SMA and might cross above it signaling an uptrend. If the pair is not able to cross above the resistance at 1.1052, it will trade sideways for a while and  might break above following the upcoming data (Retail Sales and Consumer Sentiment) this week if beats the economists expectations.

Fundamentally US dollar is strong today amid the expectations that Fed will wind up the easing program in October and will start raising interest rates by mid 2015.