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USD/CAD Price Analysis: Bears aim for a move to test 1.3570

  • USD/CAD bulls hit a wall of resistance.
  • USD/CAD bears are approaching 1.3570.

He USD/CAD is on track for a weekly gain as the recent rise in US bond yields helped support the dollar. However, a correction is taking place, as will be seen below.

The price has come to test a resistance zone, but is beginning to correct:

A 50% mean reversion occurs near previous resistance, near 1.3570.

On the hourly chart above, we can see that price is capped at resistance and is making lower highs as the rally slows. The market is breaking down on the back of the previous bullish rally with 1.3570 in the spotlight.

Source: Fx Street

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