USD/CAD Technical Analysis: Bull breakout confirmed

• The USD/CAD pair closed yesterday at 1.3188, confirming a falling channel breakout, meaning the sell-off from the 2018 high of 1.3386 has ended and the bull run from the April 17 low of 1.2527 has likely resumed.
• The pair also closed above the key resistance at 1.3175 yesterday. As a result, it seems safe to say that the spot could revisit the yearly high of 1.3386 in the next couple of weeks.
• The falling channel breakout also added credence to the bull flag breakout seen in the monthly chart.

Daily Chart

Spot Rate: 1.3167

Daily High: 1.3208

Daily Low: 1.3164

Trend: Bullish

Resistance

R1: 1.3208 (previous day's high)

R2: 1.3268 (76.4% Fib R of 1.3386/1.2887)

R3: 1.3290 (July highs)

Support

S1: 1.3150 (ascending trendline support on the hourly chart)

S2: 1.3118 (50-hour moving average)

S3: 1.31 (psychological support)