FX.co ★ USDCAD bulls remain hopeful of a move towards 1.35

USDCAD remains still inside the long-term bullish channel and as long as price is above 1.3130 the bullish scenario for a move towards1.35 remains alive. The bullish scenario gets confirmed on a break above 1.3360-1.3380.

Green rectangle - important short-term resistance

USDCAD is trading above the lower channel boundary and this is key for the bullish scenario. So far price has made a higher low near 1.3130 and if we see a higher high above the green rectangle resistance area, then the chances for a move towards 1.35 will be high. Short-term trend remains bullish. Support as we said earlier is at 1.3130 and bulls must protect this level at all cost otherwise there will be huge danger for a move below 1.30.