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- USD/CAD Price Analysis: Bulls move in and eye the 1.2740s
USD/CAD Price Analysis: Bulls move in and eye the 1.2740s
- USD/CAD bulls eye a mobe into test critical daily resistance.
- The 38.2% Fibo is eyed for the days ahead.
USD/CAD is steady in the Asian session as markets await the outcome of central bank meetings and the Ukraine crisis. The following is an illustration of the daily chart and prospects of a move into the neckline of the M-formation that has a confluence with the Fibonacci levels as follows:
USD/CAD daily chart
The price of USD/CAD is steadying in support territory and there could be a move higher at this juncture that would run into resistance, potentially near the 38.2% Fibonacci retracement level near 1.2740. Should the bears commit there and the bulls tire, then the support will be tested again and potentially give out for a downside extension to mitigate some of the old imbalance looking left. This leaves the 1.2550s vulnerable.
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