- Analytics
- News and Tools
- Market News
- USD/CAD Price Analysis: Bears eye a break of daily support for the sessions ahead
USD/CAD Price Analysis: Bears eye a break of daily support for the sessions ahead
- USD/CAD is in the hands of the bears but a correction could be in the making.
- The daily chart remains bullish but the hourly bearish impulse may have run its course.
USD/CAD's bearish hourly impulse is starting to decelerate which could lead to a correction for the coming sessions to end the week. The following illustrates the market structure from both a daily and hourly perspective.
USD/CAD daily chart
The price is being rejected in the resistance zone and the bearish shooting star followed by the current bearish daily candle is bearish which likely leaves the prior lows vulnerable near 1.27639. However, a break of there opens the void in the price imbalance towards 1.2713 open for mitigation.
On the other hand, there are prospects building for a significant correction on the lower time frames:
USD/CAD H1
The price is moving in on the aforementioned lows whereby a correction to the upside could occur towards the 38.2% Fibonacci retracement of the bearish move that has a confluence with prior support. A downside continuation could then occur, if not from a higher ratio along the Fibo scale.
© 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
