USD/CAD: Bullish channel breakout

The intermediate uptrend in USD/CAD remains firmly intact, according to George Davis, Chief FIC Technical Analyst at RBC Capital Markets.

His view follows on from USD/CAD’s recent breakout above an ascending channel top, which Davis says has added to bullish price momentum. As such, his medium-term price target is 1.2000.

Davis expects pullbacks to 1.1671 and 1.1564 to attract buying interest as the uptrend progresses, although a close below the old channel base at 1.0893 would nullify his bullish outlook.

See chart.