The US dollar is attempting to recover against the Canadian dollar again, as bears struggle to break the former weekly price low. A bullish triple-bottom pattern formation has formed, these type of patterns are bullish and often point to turning points in the market. If bulls can defend the 1.2028 support and maintain the triple-bottom then a recovery towards the 1.2130 level could take hold.
The USDCAD pair is only bullish while trading above the 1.2028 level, key resistance is found at the 1.2080 and the 1.2100 levels.
If the USDCAD pair trades below the 1.2028 level, sellers may test the 1.2012 and 1.1980 levels.
