The USD/CAD bulls are in command, and the correction is winding down.
Bulls in the USD/CAD are looking for a good entry point on the lower time frames.
On the hourly and 15-minute time frames, the following analysis shows a bullish bias:
Near 1.2580, the price has corrected to a strong 38.2% Fibonacci retracement region.
Given the current positive trend, a bullish continuation may be expected in the next sessions.
From a 15-minute perspective, the price is currently testing the lower bounds of dynamic trendline support.
If this holds and the market rises through the 21-EMA and the present resistance level of 1.2600, the bulls will be free to pursue higher highs.
As a result, a bullish structure could build below 1.2600 over the next set of 15-minute closes in the 1.2690s.
Bulls will be looking for a support structure as well as an ideal entry position from which to place a purchase limit./n
