#USDCAD @ 1.33801 USD/CAd bears take over and eye the 1.3300 target.
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- USD/CAd bears take over and eye the 1.3300 target.
- A 50% mean reversion could be on the cards if the bears don’t commit sooner.
USD/CAD is under pressure following the US Consumer Price Index outcome and a rally in the oil price. As per the prior analysis, USD/CAD bears take out last month’s low, but bulls could emerge, where the M-formation supported a meanwhile bullish thesis at the start of the week to pull in bulls only to shake them out for a mid-week setup, the price action has played out as follows:
The reversion pattern was eyed that was expected to draw in the price towards the anticipated resistance near 1.3470s:
Zoomed in…
A lot has gone on since the start of the week’s analysis as follows:
The bears are in charge now and the 1.3350s guard a run to the 1.3300 target:
A 50% mean reversion could be on the cards if the bears don’t commit sooner.
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