USD/CAD - Bulls Back Into the Game - Profit Booked at 1.2460! - 09/28/2017 (GMT)

The commodity currency pair is having an aggressive buying interest since Wednesday and soared more than 1% in just one trading period. The USD/CAD pair surpassed successfully our recommended target at 1.2460 (see previous technical analysis here: http://bit.ly/2htdLGe) and now is approaching the 1.2500 strong psychological level.

Currently, the price is developing above the 23.6% Fibonacci retracement level and there are no obstacles until the next resistance barrier at 1.2665. It is worth to mention that the price climbed above the 200-week SMA indicating for further bullish movement if ends the week above it. Moreover, the pair is posting the third positive week in a row and recorded a one-month high at 1.2505 early this morning. Going to the daily timeframe, the price is also trading above the 50-SMA, while the technical indicators are rising. The RSI indicator is ready to challenge the 70 level and the MACD oscillator is moving higher in the bearish area.