USD/CAD Awaits Breakout

The Canadian dollar recovered after July’s GDP growth beat expectations.

The daily chart still favors the greenback even though the hourly price action is stuck in a narrowing range between 1.2600 and 1.2800. The indecision would end with a breakout that will dictate the direction for the next few days.

Multiple tests of the demand zone around 1.2600 suggest solid interest in keeping the uptrend intact. A bullish breakout would cause another attempt at August’s peak (1.2950), whereas a bearish one would lead to a revisit of 1.2500.

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