USDCAD bulls are starting to move in outside of a ket resistance.
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- USDCAD bulls are starting to move in outside of a ket resistance.
- The daily chart is stacking up for a move to break key structure.
USDCAD is consolidating the recent volatility with the US Dollar finding its feet again after being sold off on Friday surrounding risk sentiment. The greenback has found a bid at the open on the back of China rebutting sentiment that the nation will reign in its zero approach to COVID. The Loonie strengthen on Friday and remains in the hands of the bears but from a near-term outlook, the bulls are moving in and there could be a meanwhile correction which the following analysis will illustrate.
USDCAD has been testing support and a key structure as shown above. If the bears can get below here, then the floodgates could open for a sizeable correction to the downside. With that being said, there are prospects of a bullish correction as follows:
The price is accumulating outside of the trendline resistance on the lower time frames.
A move in to test the breakout levels, if supported, could result in a bullish impulse into the price imbalance on the 15-min chart that guards the resistance area above.
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