USD/CAD Price Analysis: Bulls eye 1.3520 while above 1.3470

USD/CAd bears are lurking above key support structures, eyeing prospects of a fade.
1.3480 and 1.3470 are key supports while bulls look to 1.3520 resistance.

Ross J Burland FXStreet

As per the prior analysis, USD/CAD Price Analysis: Bears eye a run to 1.3320 as below key H4 structure, the price has traveled according to the forecast as follows:

USD/CAD prior analysis

There were eyes on a move back into the supply, however, the pair had painted an M-formation on the charts as the following illustrated:

The price, however, had also taken out a key structure and for that, we zoomed down to the lower time frames:

As we can see, the market was below 1.3393 and 1.3385 4-hour structure. This was a 4-hour bar where the price rallied from previously. Therefore, this was regarded as a key area so it was always going to be interesting to see if the bears could stay below it for longer:

It was stated that if the bears managed to do so, then the 1.3350s and 1.3320 levels wwould be eyed:

USD/CAD updates

As illustrated, the price did indeed head a touch lower, deeper into support, and rebounded from there, directly toward the neckline of the M-formation.

The impulse carries momentum, so a continuation is possible. However, traders can monitor the price action for deceleration and prospects of a fade back into the length as follows:

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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