- Analytics
- News and Tools
- Market News
- USD/CAD Price Analysis: Bears eye a run to 1.3320 as below key H4 structure
USD/CAD Price Analysis: Bears eye a run to 1.3320 as below key H4 structure
- USD/CAD bears stay strong and the bulls are pressured to below a key structure.
- A move to 1.3320 is eyed for the sessions ahead.
USD/CAD is heading lower on the day and is down some 1.17% as we head towards the forex close in New York. The pair has been pressured below 1.3500 to a low of 1.3371 on Friday.
There are eyes on a move back into the supply, however, as the pair has painted an M-formation on the charts as the following daily chart illustrates:
USD/CAD daily chart
The price, however, has taken out a key structure and for that, we can zoom down to the lower time frames:
As we can see, the market is below 1.3393 and 1.3385 4-hour structure. This was a 4-hour bar where the price rallied from previously. Therefore, this is regarded as a key area so it will be interesting to see if the bears can stay below it for longer:
If the bears managed to do so, then the 1.3350s and 1.3320 levels will be eyed:
© 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
