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.

Ross J Burland FXStreet

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.

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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