USDCAD (1H) - short term bullish bias
The US dollar has met fresh buying interests across the board and started the week ahead of major currencies. Ever since its rebound from the demand zone of 1.3020-1.3050, the greenback is trying to keep its head high against its neighbour. The pair rose sharply above the immediate resistance of 1.3160 after a dip into the over-sold area, suggesting strong bullish commitment. At the end of the flag-shaped consolidation, we would expect the price to break out and continue on its way up.
Key support: 1.3100
Key resistance: 1.3180
The US dollar has met fresh buying interests across the board and started the week ahead of major currencies. Ever since its rebound from the demand zone of 1.3020-1.3050, the greenback is trying to keep its head high against its neighbour. The pair rose sharply above the immediate resistance of 1.3160 after a dip into the over-sold area, suggesting strong bullish commitment. At the end of the flag-shaped consolidation, we would expect the price to break out and continue on its way up.
Key support: 1.3100
Key resistance: 1.3180