USD/CAD Analysis (August 3)

We continue to see the pair being well bid after its bounce on top of 0,94 from last week.
The USD/CAD might be in the process of carving out a double bottom formation on the weekly chart which would open the door to a major reversal with year.
Now that the daily 20 moving average has been broken, we might see a test of 0,97 which has proved to be of great resistance lately. A break above this level would expose 0,98 and probably 0,99.
Only a daily close below 0,9550 (yesterday’s low) would leviate the upside pressure over the short term.