- USD/CAD Price Analysis: Bears are lurking in the highs, eyes on a correction
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25 May 2023
USD/CAD Price Analysis: Bears are lurking in the highs, eyes on a correction
- USD/CAD bulls eye a continuation for the sessions ahead.
- However, the USD/CAD bears could be about to make a move.
USD/CAD has taken off and broken prior highs in a run to test the 1.36 area on the charts. As the following illustrates, while there are prospects of higher to come, the price is building higher highs within a rising wedge.
USD/CAD daily chart
The bulls have shot up to test the 1.36s and there are eyes on 1.3650 and then 1.3670.
USD/CAD H1 chart
However, if the bulls don´t commit immediately, there will be prospects of a slide into the rally in a correction that could target the old highs in a 38.2% Fibonacci retracement:
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