USD/CAD Price Analysis: Bulls flex and eye prior daily resistance

USD/CAD bulls move in for the easy money into month end.
The support area was a foundation for a short squeeze ahead of a new month.

Ross J Burland FXStreet

USD/CAD has come up for air as the following analysis will show. It's month's end so traders look to square up following a disappointment in US data to cap the stronger performance this week. The Federal Reserve's preferred inflation gauge rose 0.3% MoM, in line with forecasts and below 0.4% in April while the annual core rate slowed to 4.6% and the headline PCE rate reached the lowest in nearly two years.

In contrast to this week's firmer data, profit-taking has ensued and bears have thrown in the towel in preparation for a new month in the ebbs and flows of the market testing prior lows of the week's opening balance.

CAD is therefore pressured as follows:

The daily chart hits the upper end of the 1.32 area and bull eye a significant correction towards key resistance.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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