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- USD/CAD Price Analysis: Bulls in anticipation of a continuation from critical support
USD/CAD Price Analysis: Bulls in anticipation of a continuation from critical support
- USD/CAD bears have taken over despite the offer in the greenback.
- Bulls will be looking for critical support to hold at this juncture.
USD/CAD has been on the march in recent days and had broken through an important daily resistance. It would be expected to extend to rally to the upside in due course. The following illustrates the recent price action and market structure.
USD/CAD daily chart
The daily chart's outlook is bullish given the price has already moved in on the 61.8% Fibonacci and broken prior resistance that would now be expected to act as support.
USD/CAD 4-hour chart
The price, however, from a 4-hour perspective, has dropped hard and the structure offers no bullish tendencies as of yet. There are probabilities of a period of consolidation for the sessions ahead if not a test lower towards 1.28 the figure.
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