- USD/CAD bulls seeking a break of resistance for a convincing bullish bias.
- The monthly chart is dominant while price holds above strong support.
USD/CAD is a mixed techcnial picture until the price breaks the weekly and daily resistance structure.
However, the monthly chart is above a firm support structure. If the price does move higher, there will be a confluence between the monthly, weekly and daily charts for a firmly bullish bias.
The following is a topdown analysis of the pair across the aforementioned time frames.
Monthly chart: Bullish above strong support
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The price of the pair is holding above a prior resistance now turned to support and an upside extension is expected.
W1 Chart: Bullish when above resistance
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The problem we have is that the weekly time frame shows the price below resistance.
D1 Chart: Price needs to break resistance
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Tghe above illustration is what the bulls are waiting for.
A break above the resistance will likely give rise to a restest of the structure from which bulls will look to get on board with as the price heads higher.
