USD/CAD Price Analysis: Bulls is in control near 6 Months High

The Canadian dollar (CAD) has experienced its most significant three-day decline against the US Dollar since November. USDCAD retreated after reaching the 6 months high. Spot prices currently trade with modest intraday gains, around the 1.3700 mark, though the fundamental backdrop supports prospects for a further near-term bullish move.

USDCAD Technical Overview

Here are the following bullish signals coming from the ichimoku indicator in a 1 hour time frame char

1. Chikou span is above the last 34 bars high

2. Tenkan sen is rising and it's above the Tenkan sen line

3. The Kijun sen line is rising as well.

4. Chikou span, Tenkan sen and Kijun Sen are above the clouds

The William % R indicator with period 200, is also printing bullish sign as it's currently plotting at -3. The RSI is giving bullish signal as well, printing number above 60. Key level resistance is at 1.3732-1.3744 (red colored rectangle). Key level support is at 1.3671-1.3677 (green colored rectangle)

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