USD/CAD: Arrived at make or break level, what next ?

By analyzing the daily chart of the pair we can see that earlier it was falling down and was making successively lower lows and lower highs where bulls were not leading only bears were in the game and even we also mentioned to short the pair from 1.3430 level and it slipped to 1.3000 level so we are expecting that readers must have made profit from this move. But after arriving at the level of 1.3020 levels we have seen bullish sentiments or a fabulous counter attack where bulls are doing so well.

Bulls took the charge from 1.3020 level and took it to 1.3350 level but now it has arrived at 200 key resistance level, which is make or break level and now the question is that what next ? Will pair break the key resistance level or it will receive supply pressure from here. The traders and investors are advised to sit aside and wait for the clear breakout the small range. If pair breaks the 1.3350 level then go for buy and if pair breaks the 1.3240 level then go for short, till the time sit aside and wait for the clear breakout.

There are high chances that we may see bullish breakout of 1.3350 levels. Well bulls have cleared all the crossed moving average lines and presently pair is sustaining above the moving average lines which is providing us bullish signal. The way bulls are reacting it seems like they are approaching the 1.3500 level but a daily closing above 1.3350 level will give us further confirmation of bullishness.

The parabolic SAR also showing dots at downside with green color which indicates that bulls are doing very well and generating bullish signal.  The short term trend is up. The RSI is also supporting the bulls from positive territory and a bullish crossover has been occurred on the MACD indicator which is also generting bullish signal and strengthening the bulls. The 1.3350 level is key resistance level followed by 1.3450 level whereas 1.3250 level is key support level follwed by 1.3100 level.