The USDCAD is working on it 3rd day in a row with sharply higher prices. Today the price is moving above the high of a swing area on the daily chart near 1.37042. That break is bullish.
On a shorter hourly chart, the price has extended above a swing area between 1.3669 and 1.3676.
Those 3 levels (1.37042, 1.3676, and 1.3669) are now support. Staying above those levels will keep the buyers in control. Moving below, and the bullish bias we’ve seen over the last few days starts to lose some of its upside luster in the short term at the very least.
This article was written by Greg Michalowski at www.forexlive.com. Source