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- USD/CAD Price Analysis: Bears eye a move lower in descending channel
USD/CAD Price Analysis: Bears eye a move lower in descending channel
- USD/CAD bears are in play but the resistance is holding.
- The bears eye a move lower withing the descending channel.
USD/CAD is in the hands of the bears within a descending channel on the daily time frame as the following analysis will illustrate. The price is recently come up for air but should the resistance hold up, there will be prospects of a move lower for the days ahead.
USD/CAD daily chart
The price is testing a key horizontal resistance area currently and should this hold, a break of the support structure will open the prospects of a move towards 1.3200 for the week ahead.
USD/CAD H1 chart
Meanwhile, the hourly coil needs to give yet there is little sign of that happening any time soon. The price may need to test deeper to the upside although a break of 1.3660 will likely seal the deal for an imminent move lower.
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