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- USD/CAD Price Analysis: Bulls pushing bears back towards 4-hour resistance
USD/CAD Price Analysis: Bulls pushing bears back towards 4-hour resistance
- USD/CAD is pushing higher as the bulls take on the bears towards key 4-hour resistance.
- The daily W-formation is a compelling feature on the charts.
In prior analysis, It was explained that the price was correcting the latest thrust to the downside from the channel lows. the analysis noted, however, that there was still a price imbalance that the bears are seeking to mitigate until April 21 lows, 1.2458, which could be exploited.
USD/CAD prior analysis, daily chart
Nevertheless, the bulls have moved in ahead of the long term support area and it was warned that ''should the bulls commit to the correction, a break of resistance and if the 61.8% Fibonacci fails to draw in supply, then there will be prospects of a deeper correction towards 1.26 the figure and possibly beyond.''
USD/CAD daily W-formaiton
We are seeing the price dart significantly higher, marking a high so far for Friday of 1.2709. In doing so, however, the price has printed a W-formation on the daily chart as follows:
The W-formation is a reversion pattern which would be expected to draw in the price towards the neckline in due course. However, according to the 4-hour chart, there is a price imbalance which could yet be filled prior to a correction:
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