- Analytics
- News and Tools
- Market News
- USD/CAD Price Analysis: Bears line up for their discounts
USD/CAD Price Analysis: Bears line up for their discounts
- USD/CAD bulls run into a wall of resistance and the bears are lurking, hungry for a discount.
- USD/CAD bears need to break 1.27 the figure for a bearish structure to really take shape.
USD/CAD is forming the makings of a bearish outlook despite the hawkish Federal Reserve. The price has run higher in the bullish correction of the bearish daily impulse, but should the bears engage at a discount, then the focus will be on a break to the downside as follows:
USD/CAD daily charts
The price, in doing so, will have completed a head and shoulders as follows:
USD/CAD H&S
The head and shoulders is a topping formation, so the price would be expected to run significantly lower on a break and retest of the neckline near 1.2630.
1.2520 will be earmarked as per the dynamic trendline support:
USD/CAD 4-hour chart
The bears would be prudent to wait to engage on a retest of the 4-hour support just below 1.27 the figure that would be expected to act as a resistance on a break thereof.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
