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26.05.2023, 19:21

USD/CAD Price Analysis: Bears target a move to test 1.3570

  • USD/CAD bulls run into a wall of resistance.
  • USD/CAD bears are moving in with 1.3570 eyed.

USD/CAD is on track to post a weekly gain as the recent rise in US bond yields helped underpin the greenback. However, a correction is taking place as the following will illustrate.

The price has come up to test a resistance zone but is starting to correct:

A 50% mean reversion comes in near prior resistance near 1.3570.

On the hourly chart above, we can see that the price is capped in resistance and is making lower highs as the rally decelerates. The market is breaking down on the backside of the prior bullish rally with 1.3570 eyed.

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