USD CAD to Post Daily Reversal Bottom

The USD CAD tried to break down under the June 1 bottom at 1.0783 but failed to attract any major sellers or stops. 

Daily Analysis

USD CAD

The USD CAD tried to break down under the June 1 bottom at 1.0783 but failed to attract any major sellers or stops. 

Based on the prolonged move down in terms of both price and time, this currency pair is ripe for a closing price reversal bottom on the daily chart.  Watch for a higher close, close above 50% of the range and a close above the open to trigger the start of a retracement rally.

The intra-day 5-minute chart is indicating the possible start of a rally based on its higher top, higher bottom formation.  The new higher top is 1.0841, the higher bottoms at 1.0788 and 1.0807.