USDCAD 1.2700 Still Key

The US dollar currency is struggling to gain traction against the Canadian dollar as the overall bearish trend in the pair remains strong. USDCAD bulls need to clear the 1.2700 level with conviction in order to move the price above the pairs key 200-period moving average on the four-hour time frame. A trader should note an extremely large bullish reversal pattern will be activated if buyers can move the price above the 1.2740 level.

The USDCAD pair is only bullish while trading above the 1.2700 level, key resistance is found at the 1.2740 and the 1.2840 levels.

If the USDCAD pair trades below the 1.2700 level, sellers may test the 1.2610 and 1.2550 levels.

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