- Analytics
- News and Tools
- Market News
- USD/CAD Price Analysis: Bulls throwing in the towel already?
USD/CAD Price Analysis: Bulls throwing in the towel already?
- USD/CAD bears are moving in as the bulls start to lose interest.
- The US dollar was firm overnight but has not managed to move higher in Asia, so far.
USD/CAD is trying to break out to the upside but the bulls are making hard work of it as the price stalls on the bid. The central banks are a focus as are commodities, but the US dollar has been unable to break to fresh highs despite a hawkish Federal Reserve. The following illustrates prospects of a meanwhile bearish correction prior to a move to the upside.
USD/CAD daily chart
USD/CAD has firmed from the daily chart's consolidation area between the low 1.24 area and the 1.2550s. The bulls are breaking out towards a 38.2% Fibonacci area through 1.2580 but a downside correction could be in order if the US dollar cannot maintain trajectory.
© 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
