USDCAD came to the defence of the bulls on Thursday after clinging to a footing near the 23.6% Fibonacci retracement of the 1.2006 – 1.2962 upleg at 1.2736. The price has almost reversed its weekly losses to turn neutral, refusing to abandon its five-week rally, but the 1.2850 area, which includes the downward-sloping resistance trendline from 1.2962, seems to be problematic for the pair. Nevertheless, the momentum indicators are currently keeping the risk tilted to the upside as the RSI remains elevated comfortably within the bullish area and the MACD hovers clearly above its red signal line. Despite its recent ... (full story)