- USD/CAD is consolidating the recent bullish rally with prospects of a continuation to the upside.
- The bulls are pressuring the 15-min dynamic resistance.
USD/CAD was a strong performer yesterday and the price has since corrected the hourly rally. The following illustrates the next possible scenarios from an hourly and 15-min perspective.
USD/CAD hourly chart
The bulls will be looking for a bullish continuation and break of the horizontal resistance structure following the 38.2% Fibo reversion.
USD/CAD 15-min charts
While above 15-min 21 EMA, the price is poised for a test of the resistance, both dynamic and the horizontal.
If the price fails to break the dynamic resistance, then the bears will be in play, seeking a break below the support and the 38.2% Fibo near 1.2680.