The USD/CAD pair is continuing in a bullish market from the support levels of 1.2885 and 1.2827. Also, it should be noted that the current price is in a bullish channel.
Equally important, the RSI is still signaling that the trend is upward as it is still strong above the moving average (100) since yesterday. Immediate support is seen at 1.2827 which coincides with a golden ratio (61.8% of Fibonacci).
Consequently, the first support sets at the level of 1.2827. So, the market is likely to show signs of a bullish trend around the spot of 1.2827/1.2885 . It is also worth noting that the price at 1.2885 will possibly form a strong support.
Accordingly, saturation around 1.2827 to rebound the pair is likely to occur. Furthermore, it is possible that the market is going to start showing the signs of bullish market.
Hence, it will be a good sign to buy above 1.2827 with the first target of 1.2963 and continue towards 1.3000 and 1.3035.
This is shown to us as the current price is in a bullish channel. According to the previous events, we expect that the USD/CAD pair will move between 1.2827 and 1.3035 in coming days.
It is possible that the pair will move upwards continuing the development of the bullish trend to the level 1.3035 in order to test the daily resistance 3.
On the other hand, stop loss should always be in account, hence, it must set the stop loss below the second support of 1.2785.
