USD/CAD Bounced off 1.2770

USD/CAD did not quite reach the support at 1.2730 and bounced off 1.2770 instead, but it also formed a very telling doji candlestick on the daily time-frame while it was doing so. The doji candlestick was an obvious signal that the pair is about to continue to move to the upside, which it did and it is currently testing the resistance at 1.2960. Should the pair break above this level its next target is likely the previous high at 1.3014, and a possible breakout above that level could lead to a further move to the upside towards the resistance at 1.3160, which coincides with (MA)89 on the daily time-frame.