USDCAD – Price Action Structure Suggests Bullish Bias | May 11

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USD/CAD – Price Action Structure Suggests Bullish Bias (Daily chart)

Over the last two weeks we’ve seen a multitude of pairs break through major key levels in the same fashion. The USDCAD is no exception to this.

On the 26th the key resistance 1.3600 was cleared, the level then acted as support on a re-test on the 27th. Since then the pair has pushed higher and formed a corrective price action structure.

Bulls can look for long opportunities on a weak pullback into 1.3600 with upside potential towards 1.3800 and 1.4000.

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