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USDCAD : Rallying Today Ahead of Fed Meeting Minutes

(USDCAD : 4 Hour Chart)

USDCAD showing some momentum right now as it broke the key resistance level at 1.0916. The pair was consolidating within this resistance and an upward sloping support trend line which gives a bullish signal. Also earlier the 50 day SMA was acting as resistance which it broke again confirming the bullish trend. Now 50 day SMA is contracting towards the 100 day SMA and if it will move above the 100 day SMA, the pair will rally. 

Now the next resistance pair will find is at 1.0940. US dollar is trading higher today against its counterparts ahead of the release of Fed meeting minutes. On the Stochastic Oscillator the pair is in the overbought zone, so can expect that the pair will not hold these gains for long time.