USD/CAD bullish - back into range
Pair is trading inside a range for an extended period of time. USD is slightly bullish and back inside a range vs CAD which is moderately strong in the basket of currencies (mainly driven by OIL which is up 1,80% on the day as
I write this article). The sentiment is equity positive ( bullish ) or risk-on since vaccine news, but dollar ( DXY ) found support at 92 and seems to react off it very well.
We need to see 4h candle close bullish and above support areas on higher tv's (4h, daily) to get a continuation. Smaller timeframes reacted already (1h breaking resistance and lower tf's as well). So aim for intraday-2 days max would be back to the top of the range at 1.31000 levels (55 pips opportunity)
LEVELS:
RESISTANCES:
4H - 1.31
1H - 1.308
SUPPORTS:
4H - 1.303
1H - 1.305
30M - 1.305
I included both buy and sell scenarios, but due range environment I give 60-40 approx. a chance for price to continue bullish and close above support with potential up range fill.
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