USDCAD (1H) - short term bullish bias
The US dollar had rallied to the previous highs between 1.3170 and 1.3180. Stiff selling pressure was felt as traders took some chips off the table. The RSI has come down into the neutral zone which may leave room for another round of rally. The pair is currently consolidating above the bullish trend line, a critical support level to keep the optimism intact. With strong buying interest, we may expect the greenback to challenge 1.3170 once again.
Key support: 1.3130
Key resistance: 1.3170
The US dollar had rallied to the previous highs between 1.3170 and 1.3180. Stiff selling pressure was felt as traders took some chips off the table. The RSI has come down into the neutral zone which may leave room for another round of rally. The pair is currently consolidating above the bullish trend line, a critical support level to keep the optimism intact. With strong buying interest, we may expect the greenback to challenge 1.3170 once again.
Key support: 1.3130
Key resistance: 1.3170