USD/CAD Price Analysis: Bulls on the verge of a fresh hourly impulse
- USD/CAD bulls in control and the correction is dying out.
- USD/CAD bulls are seeking an optimal entry point on the lower time frames.
The following illustrates a bullish bias from the analysis on the hourly and 15-min time frames:
USD/CAD, 1-hour chart
The price has corrected to a significant 38.2% Fibonacci retracement area near 1.2580.
Given the bullish trend, a bullish continuation could be on the cards for the closing sessions ahead.
USD/CAD 15-min chart
At this juncture, from a 15-min perspective, the price is testing the lower boundaries of dynamic trendline support.
If this holds and the price subsequently moves through the 21-EMA and the current resistance, 1.2600, then the bulls will have the green light to target higher highs.
With that being said, a bullish structure could form below 1.2600 over the next series of 15-min closes in the 1.2690s.
Bulls will be monitoring for a support structure and an optimal entry point from which a buy limit could be set.
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.
