FX.co ★ USD/CAD

Hello traders! As of now, we can see that yesterday's strong bearish correction was only stopped near the support at 1.3765, and now the bulls are once again turning the trend to the upside, pushing the pair above the 1.3800 level. I believe that soon they will recover all the losses from yesterday, and after a small pullback from there downwards, they will later move higher, finally breaking through the strong resistance at 1.3865. I would like to remind you that this level was highlighted among others in our previous posts as a significant obstacle for the bulls towards the north. Now, in hindsight, we can see that indeed the pair turned south from there, even breaking the overall ascending four-hour channel with a breach of its hypothetical lower boundary. But considering that the movement was impulsive, now the bulls have a chance to regain everything back on track. In any case, their immediate task is at least to return, and preferably to update the current maximum of the pair, which will confirm the further development of the ascending four-hour trend. I would also like to remind that I consider the mid-39 figure as the main growth targets for USD/CAD, so the next step for the bulls after breaking the resistance at 1.3865 will be an attempt to enter the 39 figure.