USD/CAD Is Climbing Again

 

USD/CAD reached the support at 1.2900 visible on the weekly filter chart, formed an inverted hammer candlestick and bounced off that level, once again moving to the upside. It is currently testing the resistance at 1.3110, but I think it is quite likely that it will be able to break above it. Should it manage to do so it will likely continue climbing towards the previous high at 1.3466. The current move to the upside might be signaling the end of the correction but the bullish trend will only be confirmed by the pair breaking above that resistance.