USD/CAD Price Analysis: Bears on the prowl at key resistance
|- USD/CAD bears could start to emerge from a strong level of hourly resistance.
- The bearish formations are compelling for a significant move to the downside.
USD/CAD is decelerating on the bid which leaves the emphasis on the bearish Gartley pattern. Should the bears commit, the first area of support will be pressured to open up the prospects of a significant downside correction as the following illustrates.
USD/CAD daily chart
The first area of defence is located at 1.3050. Thereafter, 1.2980 and 1.2920 before 1.2800 as the psychological round number.
The hourly M-formation could offer resistance at the neckline to spark the downside for the sessions ahead.
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