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

USD/CAD bulls are pressuring the bears at critical resistance.
The loonie struggles in the face of a strong dollar.

Ross J Burland FXStreet

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.

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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