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- USD/CAD Price Analysis: Bears have moved in to test bullish commitments at critical daily support
USD/CAD Price Analysis: Bears have moved in to test bullish commitments at critical daily support
- USD/CAD bears are moving in and challenging the bulls ahead of the Fed.
- The bulls will need to commit to the daily support structure or otherwise face a bearish onslaught.
USD/CAD is on the verge of completing a significant correction ahead of the Federal Reserve later today. Nevertheless, the prospects are bullish at this juncture, although should the bears move in, it could result in a few scenarios as illustrated below. The first scenario, however, is staying with the trend as follows:
USD/CAD daily charts
A correction into the support structure could entice the bulls in at a discount and lead to a bullish extension for the days ahead.
On the other hand, a bearish head & shoulders could be one of the scenarios if the bears continue to commit and challenge the bulls at this juncture.
However, should the markets move out of the US dollar, perhaps as a result of a surprising less hawkish outcome at the Fed, then there is scope for a significant move to the downside, taking out the support structure as follows:
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