The USD/CAD currency pair is forming a bullish cup pattern. A close above the two resistance that crosses at a level around 1.2470 will confirm the bullish pattern . It can lead the price to reach the next resistance, which matches with 23.6 Fibo level at a price around 1.2632 or to the next 38.2 Fibo at 1.3000 or above at 1.3400. According to our oscillator indicators, the price is in the overbought zone on the 70 RSI level. Still, medium-term momentum is positive as the MACD (moving average convergence divergence) histogram prints in positive territory with an upward sloping trajectory. If the price bounces back from crossed resistances, it probably is a signal for bears to push the price to the previous low at 1.2026. Fundamental analysis expects the significant NFP report on Friday because the expectations are for payrolls to rise by 700K and the unemployment rate to decline by 5.7%. The dip in jobless claims is a clue to the nature of the jobs picture regardless of the number of new jobs available.