USD/CAD Price Analysis: Bears lurking at key H4 resistance USDCAD Technical Analysis
M-formation topping pattern could lead to significant downside in coming sessions. has struggled to break 1.3600 as it climbs trendline support on the daily chart but suffers a blow from the US data pivot on Monday tempering the hawkish sentiment around the Federal Reserve to start the week. USD/CAD reached a high of 1.3665 on Friday and suffered a drop of around 90 pips on Monday for the opening balance.
The M-formation is a reversion pattern and hence the price is coming up to test the neckline. 1.3520 to the downside is key if the neckline were to act as resistance. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD Price Analysis: Pullback remains elusive beyond 1.3570 supportUSD/CAD holds lower grounds near the intraday bottom surrounding 1.3590 during the mid-Asian session on Monday, extending the previous day’s U-turn fr
Read more »
USD/JPY Price Analysis: Bears seek a break in trendline supportThe US Dollar fell from a seven-week high on Monday, tracking a slide in US Treasury yields which has lifted the Yen into test support structure in US
Read more »
USD/CAD: Strong Oil price probes bulls around 1.3600, Canada Q4 GDP eyedUSD/CAD buyers flirt with the 1.3600 threshold during Monday’s sluggish Asian session, following a two-week uptrend to the highest levels since early
Read more »
USD/CAD marches towards 1.3600 despite a recovery in oil price, Canada GDP eyedThe USD/CAD pair is approaching the round-level resistance of 1.3600 in the early Asian session. The Loonie asset is in a sideways auction after a res
Read more »
USD/JPY Price Analysis: Bears lurking near 136.50Following the hotter-than-expected US data, the US Dollar index rallied through the 105.20s to a seven-week high and putting it on track to post its l
Read more »
Silver Price Analysis: Oversold RSI tests XAG/USD bears at three-month low under $21.00Silver Price Analysis: Oversold RSI tests XAG/USD bears at three-month low under $21.00 Silver ChartPatterns Technical Analysis XAGUSD Commodities
Read more »