#USDCAD @ 1.29680 -imp levels: bulls moving in as the price corrects in an M-formation on H4 charts.
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- USD/CAD bulls moving in as the price corrects in an M-formation on H4 charts.
- Bulls eye a move towards the 1.30 figure for the day ahead.
For the Tokyo open, we are seeing a break of resistance 1.2960 that could open the way to a bullish extension below 1.2965, 1.2970 and to 1.2980:
On the back of the W-formation breakout, and given that the price has been marking out its support base on the structure of the 15-min chart, if the bulls continue to close above the said levels, the 1.30s will be back in vogue:
It was stated in the prior analysis that the price had been rising along the trendline but had moved away which could result in a correction as the price meets a resistance zone:
As illustrated, the price moved into the support line, popped the resistance and has since pulled below the trendline which would now be expected to act as a counter-trendline for the sessions ahead. The price has left a bullish reversion pattern on the charts also. This is pulling the price into the Fibonacci scale with 1.2970/90 an area that could be exploited by the bulls in the day ahead. Thereafter, the neckline of the pattern guards a break above 1.3020. On the downside, the bears could be encouraged on a break below 1.2950 support:
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