#USDCAD @ 1.35518 is being resisted by the upper quarter of the 1.35s around a 50% mean reversion of the prior bearish impulse.
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- USD/CAD is being resisted by the upper quarter of the 1.35s around a 50% mean reversion of the prior bearish impulse.
- A break of the trendline and the 1.3520 opens risk to the 1.3380s.
As per the prior analysis, USD/CAD Price Analysis: Bears on the prowl at key resistance, USD/CAD is chipping away at the trendline support while being resisted by a key area on the daily chart. The following illustrates prospects of a downside continuation for the days ahead with 1.3400 and 1.3380 eyed:
It was stated that the M-formation is a reversion pattern that drew the price into the neckline. It was suggested that if this were to act as a resistance, the micro trendline would come under pressure and open the risk of a substantial continuation to the downside for the days ahead.
The price is pressed against the trend lines and this could lead to a retest into the resistance area between 1.3590 and 1.3560s as illustrated before the bears engage again.
However, as illustrated, the price is resisted by the upper quarter of the 1.35s around a 50% mean reversion of the prior bearish impulse. A break of 1.3520 opens risk to the 1.3380s.
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