The US Dollar is in a major uptrend with a crucial support at 1.3000 against the Canadian Dollar.
A significant contracting triangle is formed with resistance at 1.3150 on the daily chart of USD/CAD.

USD/CAD Technical Analysis

The US Dollar started a major uptrend in April 2018 from the 1.2500 support zone against the Canadian Dollar. The USD/CAD pair jumped above the 1.2800 and 1.3200 resistance levels before topping near the 1.3380 level in June 2018.

The pair started a downside correction and traded below the 1.3100 support level. However, the 1.2950-1.3000 zone acted as a support and prevented further declines. More importantly, there is a key bullish trend line in place with support at 1.3000.

The pair is holding gains above the 1.3000 level and is currently trading below the 50-day simple moving average. During the recent bounce, the pair broke the 38.2% Fib retracement level of the last decline from the 1.3385 high to 1.2962 low.

However, the upside move was capped by the 1.3150 resistance. Moreover, the 50% Fib retracement level of the last decline from the 1.3385 high to 1.2962 low also acted as a resistance.

At the moment, it seems like there is a significant contracting triangle formed with resistance at 1.3150 on the daily chart. A break above the triangle resistance and 1.3200 could open the doors for more gains towards the 1.3300 and 1.3350 levels.

On the flip side, if there is a break and close below 1.2950, the pair could move into a bearish zone. The next supports are positioned near the 1.2850 and 1.2800 levels.

The market outlook is provided by FXOpen broker.
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