The USD/CAD like most pairs tied to either the USD or the EURO took a hit today while investors return to the Greenback as the currency to keep. This has resulted in the USD climbing against almost every currency, and the Yankee's northern brethren felt the heat on the Loonie aka CAD. Prices remained slightly Bearish throughout the Asian sessions and continues to do at the London Opening bell. From a purely technical standpoint, the USD/CAD reached a high last week at 1.04417 after remaining below par for weeks. The Bullish Engulfing candle we see on the Daily Chart opened at the 38.2% retracement level after filling the weekend gap, and proceeded to fill the gap and then some. Price is currently trading just above the Weekly Pivot at 1.0293 with resistance above at 1.03550 and 1.03711. Support below the current level will be at 1.02775, 1.0254 & 1.02076. Put all of this together and you get what a high probability of the bulls maintaining control of this pair and continuing the bullish trend we have seen from April onward.
Happy Trading!