The USD/CAD Range Is Over, Next Target is at least 1.31

In my opinion, the USD/CAD range that began on 9th May is over. The pair broke above the resistance trendline of the purple symmetrical triangle you can see on the screenshot and it broke above 3rd triangle high at 1.2962. What is more, on the smaller time frames you can see that the pair also tested the support trendline (the red line) again earlier today.

In my opinion, the next target of the move to the upside that just began will be 1.3100 – 1.3150, which is a powerful resistance level visible on the daily time frame.

It is also very possible that the move to the upside will continue until the pair reaches 1.3300, which is the resistance level visible on the weekly time frame, but for the moment it’s still too early to speculate about this with any certainty.