The USD/CAD pair rallied in the last hours and now is almost reached strong resistance levels. So, an upside continuation needs strong confirmation. It was trading at 1.3070 at the time of writing and it seems determined to approach and reach new highs.
Fundamentally, the USD received a helping hand from the CB Consumer Confidence which came in at 103.2 far above the 97.6 points expected, and from the JOLTS Job Openings indicator which was reported at 11.24M above the 10.37M.
USD/CAD Strong Bullish Pressure!
USD/CAD failed to stabilize under the pivot point of 1.3000 and now it challenges the confluence area formed at the intersection between the 1.3076 and median line (ml). Failing to make a new lower low and staying near the resistance levels signals strong upside pressure.
It remains to see how it will react around the mentioned resistance levels. False breakouts may signal that the bullish momentum ended and that bears could take the lead again.
USD/CAD Forecast!
A valid breakout above 1.3076 and through the median line (ml) could really activate further growth and could bring fresh long opportunities.
