USDCAD Price Analysis: Bulls are hanging on by a thread above 1.3300 – by fx_ross USDCAD Technical Analysis
Bulls need to clear 1.3380 for the prospects fo a firmer run to 1.3550. , the price indeed moved in on the targetted area. However, the bears were quick to pounce on the rally and we are back to square one as the following illustrates:
A break of the support was eyed as a catalyst that would open up the way to dynamic trendline support.USDCAD update The M-formation is a reversion pattern and so long as the bulls can get above 1.3380 and then 1.3420, there will be prospects of a move into the price imbalance and 1.3550 will be vulnerable.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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