USD/CAD Price Analysis: Bears start to take profits in daily support area

USD/CAD is moving in on critical daily support.
Bulls monitoring for signs of deceleration and accumulation.

Ross J Burland FXStreet

As per the prior analysis from the New York session, USD/CAD Price Analysis: The price is taking on critical time-frame levels in the volatility, the pair has moved into the daily target area. The following illustrates where things could be leading to next.

USD/CAD prior analysis

''USD/CAD is attempting to break lower in US trade on Thursday. However, as illustrated in the following charting analysis, there are critical areas of resistance and support to keep in mind, as well as reversion patterns.''

''Meanwhile, from a longer-term perspective, the daily chart is showing that the price is running towards the neckline of the W-formation, as illustrated in the above chart. From there, should demand move in, then a bullish continuation could be on the cards for the foreseeable future.''

USD/CAD live market

As illustrated, the price has followed the forecasted analysis, picking up offers from the said resistance area and has moved on the daily support target as follows:

USD/CAD H4 chart

The price will more than likely move into a phase of consolidation, potentially even accumulating bids from the daily supporting area. If so, then this would lead to a bullish structure forming on the 4-hour time frame from which bulls will be seeking an optimal entry point to get on board of what could be the next bullish impulse and a higher high for next week.

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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