USD/CAD Price Analysis: Bulls are firming up at a critical support area

USD/CAD bulls are still holding the fort as the week progresses.
The bulls will want to get over 1.2710 for prospects of 1.2850 as an objective.

Ross J Burland FXStreet

As per the prior session's analysis, USD/CAD Price Analysis: Bulls are holding the fort at daily support, the bulls have indeed blockaded the fort and the price is up on yesterday's close. The interested and prospective bidders will be monitoring for price action developments over the coming sessions for a bullish structure from which to engage.

USD/CAD prior analysis

The prior analysis addressed the price action in meeting the 50% mean reversion of late January's rally and for how the price was homing in on the 61.8% Fibonacci retracement target near 1.2650. This level was subsequently met during Wednesday's New York open:

USD/CAD live market

USD/CAD H4 chart

The bulls will want to get over 1.2710 and for the price to hold above it for prospects of a break of the counter-trendline resistance and onto the 1.28 area with 1.2850 as an objective.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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