Technical analysis: USD/CAD breaks above channel top, next resistance at 1.3740
The US Dollar has broken above the last two months’ channel top as the strong US inflation data dampened hopes of a rate cut in June. Bulls have taken control, extending their rally beyond 1.3700 with no sign of a bearish reversal in sight.
The reverse trendline has provided support, confirming the bullish trend. The next upside targets are 1.3740 and 1.3770. The measured target of the broken channel is the mid-November high at 1.3845. Supports are the mentioned channel top, 1.3660 and 1.3545
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