USD/CAD Price Analysis: Bears are on the prowl below 1.3580
|- USD/CAD bulls tear through prior resistance with eyes on the 1.3580s.
- Bears are lurking, waiting to pounce on a correction.
USD/CAD is on the front side of the bullish trend and momentum is strong. At the time of writing, USD/CAD is trading higher by some 0.48% and rallied from a low of 1.3477, scoring a high of 1.3565 on the day. The pair is in the hands of the bulls put there are prospects of a correction for next week.
USD/CAD daily chart
USD/CAD H4 chart
USD/CAD is now making the case for a run to test the 1.3580s whereby the bulls have burst through prior resistance that is now potentially going to act as a support area.
USD/CAD W-formation
Meanwhile, we have a W-formation which is a reversion pattern that might be expected to pull the price back in toward the neckline.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.