USDCAD Bullish above 1.2770
The US dollar currency has staged a major recovery against the Canadian dollar, following a resurgence in the US dollar index on Wednesday. The USDCAD pair has staged a powerful breakout from a falling price channel placing the 1.2900 level back in focus. According to the overall size of the breakout from the falling price channel, the USDCAD pair could recover towards the 1.3000 resistance level.
The USDCAD pair is only bullish while trading above the 1.2770 level, key resistance is found at the 1.2900 and the 1.3000 levels.
If the USDCAD pair trades below the 1.2770 level, sellers may test the 1.2700 and 1.2660 levels.