The US dollar is on the rise against the Canadian dollar currency after the pair bounced sharply from just above the 1.2000 support level yesterday. The one-hour time frame shows that a bullish inverted head and shoulders pattern will be activated above the 1.2090 level. USDCAD bulls may look to buy into a price dip towards the 1.2060 or 1.2050 area or play a breakout above 1.2090.
The USDCAD pair is only bullish while trading above the 1.2090 level, key resistance is found at the 1.2120 and the 1.2140 levels.
If the USDCAD pair trades below the 1.2090 level, sellers may test the 1.2060 and 1.2050 levels.
