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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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