USD/CAD Price Analysis: Bulls are firming up at a critical support area
- USD/CAD bulls are still holding the fort as the week progresses.
- The bulls will want to get over 1.2710 for prospects of 1.2850 as an objective.
As per the prior session's analysis, USD/CAD Price Analysis: Bulls are holding the fort at daily support, the bulls have indeed blockaded the fort and the price is up on yesterday's close. The interested and prospective bidders will be monitoring for price action developments over the coming sessions for a bullish structure from which to engage.
USD/CAD prior analysis
The prior analysis addressed the price action in meeting the 50% mean reversion of late January's rally and for how the price was homing in on the 61.8% Fibonacci retracement target near 1.2650. This level was subsequently met during Wednesday's New York open:
USD/CAD live market
USD/CAD H4 chart
The bulls will want to get over 1.2710 and for the price to hold above it for prospects of a break of the counter-trendline resistance and onto the 1.28 area with 1.2850 as an objective.