- USD/CAD bulls broke previous resistance with eyes on 1.3580s.
- Bears lie in wait waiting to pounce on the fix.
USD/CAD it is at the front of a bullish trend and momentum is strong. At the time of writing, USD/CAD is trading higher by some 0.48%, having rebounded from a low of 1.3477 to reach a high of 1.3565 for the day. The pair is in the hands of the bulls, the prospects for a correction are for next week.
USD/CAD Daily Chart
USD/CAD Chart H4
USD/CAD is now looking to test the 1.3580s where the bulls broke through the previous resistance which will now potentially act as a support area.
Meanwhile, we have a W-formation, which is a reversal pattern that can be expected to pull the price back towards the neckline.