USD/CAD Close to Resistance

USD/CAD closed the week behind us just a few pips shy of 1.30. The pair reached a high of 1.30 during the NFP release and due to the strong number that we got it, the US dollar surged. The rally was short lived as just minutes after the initial jump, most of the reaction has subsided.

The pair is now close to the long term resistance as it approached the upper trend line of the long term downtrend trading channel that started in the beginning of 2016 when the pair was trading close to 1.46.

The price is now gravitating towards the 1.30 level and if bulls are able to break the resistance at 1.3050 we could see a renewed interest in the long side of the exchange rate's trading.

Chart: USD/CAD D1