USDCAD - Out of range

USDCAD (1H) - short term bullish bias

The greenback has been in a sideways pattern for a week, which gave market participants clear boundaries for range trading. However, sentiment remains skewed to the upside. From the daily chart's perspective, after piercing through the 20-day moving average, the pair is recovering towards the 30-day one. The latter coincides with the major resistance level of 1.3100 on the hourly chart. Should offers get lifted there the US dollar may extend its rally to 1.3150.

Key support: 1.3050
Key resistance: 1.3100