USDCAD breaks through consolidation resistance amid a strong dollar and is poised for an uptrend; it is important to wait for confirmation...After a false breakout of the 100.0 psychological level, the dollar formed a minor pullback and entered a consolidation phase. Retests of resistance will indicate that the market is preparing to continue its upward movement. The session open index is strengthening, thereby providing support to the currency pair.
The currency pair is consolidating above a key level—the resistance of the previously broken consolidation. If the bulls hold the price above 1.3711, the price may enter a rally phase.
Resistance levels: 1.37392, 1.3785
Support levels: 1.3711, 1.3675
Consolidation above the key support level of 1.3711 would be a good signal of readiness for growth, supported by strong bulls
Best regards, R. Linda!
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