USD/CAD: 1.1350 needed to end correction

A daily close above resistance at 1.1350 is required in order to end the correction in USD/CAD, according to George Davis, Chief FIC Technical Analyst at RBC Capital Markets.

Davis’ medium-term price target is located at 1.1650, with a close below the long-term trendline support at 1.0828 required to nullify his view. Davis expects pullbacks to 1.1134 and the 200-day moving average at 1.0999 to attract buying interest based on the intermediate uptrend in place. However, he thinks a daily close above resistance at 1.1350 is required in order to end the correction via a bullish trend reversal.

See chart.