- USD/CAD Price Analysis: 1.3550 is eyed on the new impules
Market news
19 May 2023
USD/CAD Price Analysis: 1.3550 is eyed on the new impules
- USD/CAD corrects into key support and bulls move in.
- USD/CAD bulls eye a bullish continuation towards 1.3550.
As per the last analysis whereby we had, USD/CAD bulls moving in to test above 1.3500, the market has moved in on the area and bulls remain in control as the following illustrates:
USD/CAD prior analysis
The bulls have moved in at a 50% mean reversion mark with 1.3600 eyed.
USD/CAD update
The W-formation is a reversion pattern whereby the current rally will be monitored for deceleration on the lower time frames for a bearish structure. However, the bulls remain front side of the bullish trendline:
USD/CAD H4 chart
In being front side of the bullish trend, we could draw a thesis that there can be a bullish continuation towards 1.3550.
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