Technical analysis: The USD has scope for rally to 1.3615 resistance area
The USD/CAD bounced up on Monday and is gaining bullish traction amid the favorable fundamental landscape. With US Treasury yields healing north, USD’s bearish attempts are expected to remain limited.
The pair remains moving inside a slightly bullish channel with the previous resistance at 1.3565 providing support. The next upside target is the resistance area at 1.3615, the 61.8% Fibonacci retracement of the late 2023 decline at 1.3630, and the channel top at 1.3635. Below 1.3565, the next support is 1.3520
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