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- USD/CAD Price Analysis: Bulls need to get over recent tops or face strong bears
USD/CAD Price Analysis: Bulls need to get over recent tops or face strong bears
- USD/CAD bulls are tiring and a double top is being formed.
- The market is consolidating a symmetrical triangle.
As per a prior analysis whereby we had, USD/CAD bulls moving in to test above 1.3500, the market had moved in on the area and bulls have remained in control, as per the previous article, USD/CAD Price Analysis: 1.3550 is eyed on the new impulse.
USD/CAD prior analyses
The W-formation was a reversion pattern whereby the current rally will be monitored for deceleration on the lower time frames for a bearish structure.
On the 4-hour chart above, the bulls were in the driver´s seat and there was a thesis that there could be a bullish continuation towards 1.3550.
USD/CAD H4 chart, live update
While the market is tracking higher, it is making slow progress. The concerning feature on the charts is how wicky the tops are and we could be in for a double top:
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