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USD/CAD Trying to Revive an Uptrend

The USD/CAD rallied in September from 1.0820 to almost 1.10 before finding resistance. It faded ahead of the FOMC risk but found support around a previous support/resistance pivot around 1.0935. It also gave us bearish signals, with a break below a rising trendline, and the 4H RSI cracking below 40 to show loss of bullish momentum. Price was also testing the 200-, and 100-period simple moving averages (SMAs), which eventually provided support. 

(USD/CAD 4H Chart 9/18)

The reaction to the FOMC statement and press conference was USD-strong, and USD/CAD rallied. However, price is now holding under another support/resistance pivot around 1.1030. If it doesn't clear this level, price would be also respecting the broken trendline and the 50-period SMA as resistance. 

Now if price can return above 1.1035, we have the 1.1095-1.11 area in sight, as well as the 2014-high at 1.1278. The daily chart shows that the market is indeed bullish with price staying above the cluster of SMAs. The RSI is bullish but not overbought. The daily chart suggests that USD/CAD has a good chance to break that 1.1030 resistance and continue the prevailing uptrend. 

(USD/CAD Daily Chart 9/18)