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- USD/CAD Price Analysis: Stalling at hourly support, 1.2740/50 eyed before significant bear correction
USD/CAD Price Analysis: Stalling at hourly support, 1.2740/50 eyed before significant bear correction
- The bears are in control and eye a significant correction.
- The daily doji is being formed on Monday in a key resistance area.
USD/CAD is under pressure as the price of oil picks up in late US trade. Nevertheless, the bears are may wish to move out in hourly support and the M-formation does not bode well for short-term short positions.
USD/CAD H1 chart
As illustrated, the price is in the hands of the bears, but the reversion pattern is menacing for the near term.
USD/CAD daily chart
On the other hand, the daily chart is highly bearish in terms of market structure. Monday's daily candle is on the way to forming a doji in a resistance area. The daily impulse is overextended and due for a correction and the W-formation is a bearish reversion pattern. The prior resistance in the formation, or the neckline, aligns with the 38.2% and 50% ratios as a confluence target area for the days ahead.
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