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The USD/CAD pair rallied in the last hours as the Dollar Index rebounded and tries to erase minor losses. It's trading at 1.3547 at the time of writing and it seems determined to hit new highs and upside obstacles.
The currency pair rallied after the Canadian Gross Domestic Product reported a 0.1% growth matching expectations but it came in worse compared to the 0.3% growth in the previous reporting period. Later, the US CB Consumer Confidence could be decisive. The indicator is expected to drop from 102.5 to 100.0 points. Better-than-expected data should lift the price.
Technically, the currency pair turned to the upside after failing to come back down toward the 1.3225 lower low. The price increased within an up channel and now is almost to reach the channel's upside line and the weekly R2 (1.3570). These represent immediate upside obstacles.
The 1.3600 psychological level and the downtrend line represent upside obstacles and targets as well.
It remains to see how it will react around the resistance levels. False breakouts could signal a downside movement. Jumping and stabilizing above the 1.3600 and above the downtrend line confirm an upside reversal and brings new buying opportunities.
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