USD/CAD Price Analysis: Bears on the prowl at key resistance

USD/CAD M-formation neckline could be a resistance.
USD/CAD micro trendline could come under pressure.

Ross J Burland FXStreet

USD/CAD is holding its own on the Asian day following a day of intense selling on the back of the US Consumer Price Index outcome that has shifted gears with respect to sentiment around a Federal Reserve picot. USD/CAD is trading at 1.3555 and is technically holding in a bullish trend as the following analysis illustrates:

USD/CAD daily charts

The M-formation is a reversion pattern that has drawn the price into the neckline. If this were to act as a resistance, the micro trendline will come under pressure and break of which could lead to a substantial continuation of the downside for the days 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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