USD/CAD Price Analysis: Bulls taking control and eye significant correction USDCAD Technical Analysis
USD/CAD daily chart
The market swept the equal lows and subsequently, bulls moved in at a discount at the end of the three-day drop. This has occurred while an M-formation has been left on the charts. The bulls look to the Fibonacci scale whereby the 38.2% ratio meets with the prior structure and offers a compelling target for the bulls. On the hourly chart, The price is sideways and bulls need to get above 1.3460 to break the resistance structure.
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