- USD/CAD corrects at key support and bulls enter the picture.
- USD/CAD bulls point to a continuation higher towards 1.3550.
According to the latest analysis, in which USD/CAD bulls moved to test above 1.3500the market has moved in the area and the bulls are still in control, as illustrated below:
USD/CAD Prior Analysis
Bulls have moved on a 50% mean reversion sign with 1.3600 in sight.
USD/CAD Update
The W formation is a reversal pattern to watch the current rally for a slowdown on lower time frames for a bearish structure. However, the bulls remain in front of the uptrend line:
4 hour chart
Being at the forefront of the uptrend, we could make the thesis that there may be a bullish continuation towards 1.3550.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
