USDCAD - Looking to break out
USDCAD (1H) - short term bullish bias
The US dollar is currently hovering under the 30-day moving average. This also coincides with the major resistance level of 1.3075 on the hourly chart. Will the price find enough strength this time and push through the roof? There has been strong buying interest at 1.3030. After two days of consolidation, the price started to move up and put the short side under pressure. The bullish MA cross is a sign that sentiment is turning upbeat. A breakout above 1.3075 may trigger an extended rally towards 1.3100.
Key support: 1.3030
Key resistance: 1.3100
The US dollar is currently hovering under the 30-day moving average. This also coincides with the major resistance level of 1.3075 on the hourly chart. Will the price find enough strength this time and push through the roof? There has been strong buying interest at 1.3030. After two days of consolidation, the price started to move up and put the short side under pressure. The bullish MA cross is a sign that sentiment is turning upbeat. A breakout above 1.3075 may trigger an extended rally towards 1.3100.
Key support: 1.3030
Key resistance: 1.3100
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