USD/CAD Price Analysis: Bulls in charge into critical daily resistance
- USD/CAD bulls are pressuring the bears at critical resistance.
- The loonie struggles in the face of a strong dollar.
The US dollar is firm mid-week and the commodity currencies have been under pressure. This leading to a resurgence in USD/CAD into daily resistance.
USD/CAD daily chart
The daily chart shows the price stalling on the upside but bulls have moved for another attempt which would likely see a continuation on the break of this current resistance near 1.2700.
USD/CAD hourly chart
The price is trying to break out beyond the new counter-trendline but the price is correcting the secondary breakout impulse first.
The price is on the verge of a test of the 1.2680s ahead of the mid 1.2670s as critical support structures.
via FXStreet News https://ift.tt/3tYkUTd
September 14, 2021 at 05:30PM