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USD/CAD technical analysis: Buyers await falling wedge breakout on H1 to defy recent pullback

  • USD/CAD forms the trend-reversal pattern on the hourly chart.
  • A sustained break of 1.3250 can confirm the bullish set-up.

Despite taking rounds to 1.3220 during early Monday, the USD/CAD pair forms a bullish technical pattern on the hourly chart.

The falling wedge formation gets confirmed if the quote successfully rises past-1.3250 resistance, which in turn can trigger its fresh leg-up towards 1.3400 theoretical target.

However, current month high surrounding 1.3345 can offer intermediate halt during the rally.

Alternatively, pair’s declines below the formation support-line of 1.3185 can induce bears to aim for July 31 low around 1.3100.

USD/CAD hourly chart

Trend: Bullish

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