USD/CAD – Looking strong at short-term key support

Chris Capre 2ndskiesforex

Price Action Context

The USDCAD has recently retested a short-term key support for the third time and is now hovering above the support in a small corrective structure. But price is forming higher lows inside the corrective structure, suggesting bulls are gunning for a potential breakout to the upside.

Trending Analysis

Mid-term bias is bullish and a bullish breakout to the upside of this small corrective structure would open up further upside and could offer bulls a potential buying opportunity.

Closest Support & Resistance Zones

Resistance: 1.4230 – 1.4350
Support: 1.3850 – 1.3875

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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