USD/CAD Price Analysis: Bulls attempt to break the dynamic resistance, eyes on bullish continuaiton

USD/CAD is consolidating the recent bullish rally with prospects of a continuation to the upside.
The bulls are pressuring the 15-min dynamic resistance.

Ross J Burland FXStreet

USD/CAD was a strong performer yesterday and the price has since corrected the hourly rally. The following illustrates the next possible scenarios from an hourly and 15-min perspective.

USD/CAD hourly chart

The bulls will be looking for a bullish continuation and break of the horizontal resistance structure following the 38.2% Fibo reversion.

USD/CAD 15-min charts

Bullish scenario

While above 15-min 21 EMA, the price is poised for a test of the resistance, both dynamic and the horizontal.

Bearish scenario

If the price fails to break the dynamic resistance, then the bears will be in play, seeking a break below the support and the 38.2% Fibo near 1.2680.

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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