USD/CAD Price Analysis: Bulls meet critical daily resistance

Market news

13 December 2021

USD/CAD Price Analysis: Bulls meet critical daily resistance

USD/CAD is testing an important resistance area.
Bears are moving in with a focus on 1.2720.

USD/CAD is consolidating the recent bullish impulse as it meets an important resistance area on the weekly and daily chart as illustrated below:

USD/CAD weekly chart

The bulls have stepped in after making a 38.2% Fibonacci retracement Cleveland taking on the bears to weekly resistance.

USD/CAD daily chart

However, the bulls could be on the verge of throwing in the towel at this juncture and keen to take off some risk as the price meets both weekly and daily resistance structures near 1.2850. An imminent retracement will likely home in on 1.2710/40.

Currencies. Daily history for Monday, December 13, 2021

Commodities. Daily history for Friday, December 10, 2021

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.