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USD/CAD Price Analysis: Bulls in charge into critical daily resistance

Written by By Ross J Burland | 2021-09-15 00:38:02 GMT
  • USD/CAD bulls are pressuring the bears at critical resistance. 
  • The loonie struggles in the face of a strong dollar.

The US dollar is firm mid-week and the commodity currencies have been under pressure. This leading to a resurgence in USD/CAD into daily resistance.

USD/CAD daily chart

The daily chart shows the price stalling on the upside but bulls have moved for another attempt which would likely see a continuation on the break of this current resistance near 1.2700. 

USD/CAD hourly chart

The price is trying to break out beyond the new counter-trendline but the price is correcting the secondary breakout impulse first.

The price is on the verge of a test of the 1.2680s ahead of the mid 1.2670s as critical support structures.

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By Ross J Burland
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