USD/CAD Price Analysis: Bulls looking for a discount from an hourly correction, eye 1.2720
- USD/CAD bears looking for a strong correction to the neckline of the W-formaiton.
- Bulls are seeking an upside extension from the hourly correction at a discount.
The price of USD/CAD has corrected back to test the 50% mean reversion mark and is decelerating. This leaves prospects of a bullish continuation on the cards for the sessions ahead.
USD/CAD H1 chart
The bulls would target the 1.2720s as being a -0.272% bullish Fibo extension target that aligns with the prior resistance structure as per the daily chart below:
USD/CAD daily chart
The W-formation is a reversion pattern and the price, after filling the wick of yesterday's business with some change, would be expected to revert back to test the neckline of the 'W' pattern. This would align with a 61.8% golden ratio as well near to 1.2560.
Reprinted from FXStreet_id,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.