#USDCAD @ 1.38168 bears are taken on by the bulls and eyes are on last week’s highs.
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- USD/CAD bears are taken on by the bulls and eyes are on last week’s highs.
- A break of the consolidation phase could be on the cards for Asia.
As per the pre-FOMC Minutes analysis, USD/CAD Price Analysis: The pair is teed up ahead of the FOMC Minutes, whereby the break of trendline support was teeing up a move to the downside, the price made a move but has been picked up by the bulls at a discount and above anything particularly significant.
As illustrated, the pair was expected to move lower into the consolidation’s key area of demand. However, the minutes had something for everyone and while there was a move towards the area, the bulls stepped in again despite a note within the minute that was regarded as leaning towards a dovish pivot: ”Several participants noted that… it would be important to calibrate the pace of further policy tightening with the aim of mitigating the risk of significant adverse effects on the economic outlook.”
Bears could be out of luck as the price forms a new structure around 1.3810 following a failed attempt to break out of the consolidation area to the downside. The focus is on last week’s high near 1.3855.
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