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- USD/CAD Price Analysis: Bears move in and eye test of 1.2410/30
USD/CAD Price Analysis: Bears move in and eye test of 1.2410/30
- USD/CAD is under pressure following an hourly spike into resistance.
- The correction from resistance opens risk of a downside test of the 1.2410/30 area.
USD/CAD has been a strong performer on Thursday following a rebound in the greenback that occurred from traders buying the post-Federal Reserve dip. In fact, the Canadian dollar on Thursday weakened against its US counterpart by the most in nearly seven weeks. The following illustrates the prospects of a significant correction at this juncture.
USD/CAD H1 chart
While there could be a continuation to the upside, there is resistance here. Therefore, the prospects of an immediate break higher are low. Instead, more liquidity below could well be targetted first:
As illustrated above, there is resistance and this leaves the prospects of the downside open. A break of the horizontal support and the dynamic trendline support will leave the liquidy area between 1.2410 and 1.2430 and the 50-hour EMA open for a test from the bears. At the same time, this will clear up the imbalance between there and the recent hourly bullish impulse.
However, should the price correct as deep as this, there will then be a prospect of a bullish continuation and a breakout of the accumulation stage as follows:
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