- USD/CAD bears broke out of the 1.3305 structure before the bulls moved on to test the bears at 1.3350.
- The Fed will determine when the price goes towards 1.3320 and then towards 1.3150 or, to the upside, we have 1.3380 guarding 1.3450/80.
Based on the above analysis, USD/CAD Price Analysis: The bears looking for a ruptour of the key support, while in front of the trend bassist and The bulls have moved to test the critical resistance zone near 1.3355 ahead of the Federal Reserve’s interest rate decision.
For the US dollar, this event will be important and you could get a bid if the outcome is much more aggressive than anticipated. A pullback against sentiment for a pivot could spark some demand for the greenback, which would see USD/CAD higher, but anything to the contrary would likely see 1.3300 under pressure with price already stuck at the front of the downtrend line. after a failed breakup.
USD/CAD, daily chart previous analysis
Extended …
With the failure of the breakout, the bears remained in control.
USD/CAD H1 Chart
However, in the Asian session, when the analysis was drawn on the above charts, it was also explained that the bulls might be looking for a move to test the bears’ commitments again after the failed breakout of the 50 resistance. % mean reversion in sight.
USD/CAD Update
The bulls moved as expected and now the price will be determined by the Federal Reserve event. In this sense, we have the levels indicated as follows:
We have already seen the bears chip the 1.3305 structure, and technically it is already broken, exposing 1.3320 and then 1.3150. To the upside, we have 1.3380 that watches over 1.3450/80.
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.
