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- USD/CAD Price Analysis: Bulls under pressure near critical support
USD/CAD Price Analysis: Bulls under pressure near critical support
- USD/CAD bulls need to move in at this juncture or face significant risks of a downside breakout.
- The inverse H&S thesis is on the verge of breaking down and 1.2610/20 could be critical in this regard.
The price is stalling at previous H1 wick lows that have a confluence between the 38.2% Fibonacci retracement level and 50% mean reversion of prior bearish impulse.
USD/CAD H1 chart
If bears commit, then the prospects of a meanwhile continuation for the sessions ahead open risk to test below 1.2650. 1.2580 will then be eyed:
USD/CAD longerterm outlook
Meanwhile, as per the prior analysis, USD/CAD Price Analysis: Bulls failed to break out, but Inverse H&S could now be the ticket, there is the case for the upside as follows:
Therefore, it will be imperative that the shorter-term time frame support structures hold up under the current pressure. 1.2610/20 could be important in this regard.
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