USD/CAD Price Analysis: Bulls move in on hour resistance, eye daily targets

USD/CAD bulls are seeking an upside correction to test old daily support.
The hourly chart's price is shooting higher but a pullback could be on the cards.

Ross J Burland FXStreet

USD/CAD is on the verge of an upside continuation and the following illustrates the confluence between the daily and hourly charts.

USD/CAD daily chart

The price is meeting a demand area near 1.2440.

At this juncture, an upside correction could be on the cards to test the prior lows and what would be expected to now turn to resistance near 1.2530.

The 61.8% Fibonacci is also located near there to offer confluence to target.

Hourly chart

The bulls will be looking for a discount before engaging to take on the hourly resistance and higher highs.

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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