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- USD/CAD Price Analysis: Bulls could be about to make their moves, but bears are testing commitments
USD/CAD Price Analysis: Bulls could be about to make their moves, but bears are testing commitments
- USD/CAD is under pressure in the open, but there are bullish prospects.
- The bulls need to cover come the recent highs for a measured move into restest a key resistance structure.
USD/CAD has been under pressure, falling into support near 1.2990 while resistance is situated around 1.3080. The following illustrates a prospective path of price action for the day (s) ahead given the current structure that has been broken to the downside.
USD/CAD daily chart
The bears have taken the bulls back below the trendline support which is a significant development and leave the focus on an initial upside correction prior to a deeper run to the downside.
The M-formation is a reversion pattern that reinforces the meanwhile bullish corrective prospect towards the neckline and the said 1.3080 area for the day ahead.
USD/CAD H4 chart
The 4-hour chart has the 50% mean reversion marked up on the said level of resistance, around 1.3080, which gives the additional conviction that this should act as a firm resistance area. Beyond there, 1.3120 guards a run on the highs near 1.3160.
USD/CAD H1 chart
Meanwhile, now that the gap has been closed, the bulls need to get over the highs of the day and 1.3050 thereafter:
The hourly charts support is being taken on, but if the bulls commit between here and the 61.8% Fibonacci retracement of the bullish correction;'s range, so far, then there will be a higher probability of a continuation tot he upside over the coming day.
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