USD/CAD In A Range With The Bullish Bias On The Higher Timeframe
|From last few weeks, the pair USDCAD is moving in a range. On the weekly view the pair moving with a bullish bias.
On the daily view, the pair breaks the resistance 1.34 on 23rd April and the next day it breaks the previous top at 1.3465. After breaking those two levels, the pair enter in a range and retesting the broken levels several times. The trading bias is still bullish until the price breaks any major support.
According to the 4hours chart, the recent trading range of the USDCAD is 1.3518 to 1.3378. As the bias is bullish so after successfully retesting the level 1.3378 the price can go bullish and break the range upside. To get accurate forex signal the price needs to reject the level 1.3378 and close above it.
The week is important on the fundamental view for the currency USD because there will be FOMC meeting minutes and others minor new that we should look to check the further strength of the currency USD.
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