Will the USD/CAD Bulls Succeed in Increasing Their Profits?

USD/CAD is almost unchanged in Thursday’s North American session. Currently, the pair is trading at 1.3267, up 0.12% on the day.

As for the near future, the USD/CAD will most likely continue to edge up within this session. Bullish traders could target the resistance at 1.3280 (78.6% Fibo retracement on last fall from 1.3345 to 1.3042). Firm break there will suggest completion of consolidation from 1.3664.

And the rally can be extended to 1.3300 where is the upper border of a minor H4 bullish channel pattern. Should it be the case, the way to the the upper border of the declining pink trend channel or even 61.8% Fibonacci retracement (based on the entire May-July decline on daily chart) at 1.3355 may be open.

On the downside, a clear break below 1.3195 support cluster (50% Fibo level and 200-day SMA on H4 chart) will turn intraday bias neutral again first. For now, further rally would remain in favor as long as 1.3042 support holds.

Kommentera:

At now the bearish scenario took place, so let's see is the support 1.3042 will hold...