USD/CAD Consolidated

USD/CAD is having a strong rally that started since the pair was at support at 1.32249 just about a month ago. Today, the pair is 1.3714, marking a bull run with close to 500 points movement. Main trend on the short-term is expected to stay bullish if bulls manage to climb above the resistance at 1.38, which could be considered a double top.

On the other hand, bears might attempt to push the price down to first support zone at 1.36, second support zone at 1.3210, and major support zone at 1.30.

If they get above 1.38, then first target level is eyed at 1.3860. Technically, the pair is now in its highest point since February 2016 when the pair dived with more than 2500 points from 1.48 to below 1.25.

Partially, the appreciation of the pair is due to the depreciation of the Canadian dollar. Although, the US dollar also had its weak points recently, the USD bulls were able to sustain the momentum in the pair and keep it going up.

Char: USD/CAD H4