USD/CAD - Target Locked on USD/CAD - 10/21/2016 (GMT)

The USD/CAD pair is in focus today with retail sales and consumer prices scheduled for release. The pair over the last two days surged more than 1% and reached our suggested target at 1.3200 psychological level (see our technical analysis here: http://bit.ly/2epUDq6). The price surpassed the latter level and is currently trading near the 1.3230 price level.

Technically, we remain bullish on the pair for short to medium term since the price rose above the three SMAs (50-SMA, 100-SMA and 200-SMA) on the daily chart. As you can observe, the commodity pair failed to break, or close, below the key support level at 1.3000. So, the next level to watch is the previous 7-month high at 1.3310. Moreover, it should be noted that the long-term return from the rising channel since April continues to provide a significant resistance to the price action. On the 4-hour chart, the MACD oscillator is moving in a positive territory endorsing the bullish attitude.