The USDCAD currency pair is currently trading at 1.31510, with a presence of bearish sentiment. However, the bulls are starting to make a move in the market.
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- USD/CAD bears are in the market but bulls stepping in.
USD/CAD was on the back foot on Thursday as the Loonie added to its recent gains despite a sharp decline in oil prices. Meanwhile, from a technical perspective, we could be in for a meanwhile bullish correction as the following will illustrate.
The market is bearish and is headed towards a price imbalance between the current lows and near 1.3050 on the downside. However, a correction could be on the cards in the meanwhile, albeit remaining bearish while on the front side of the bearish trendline:
Zooming in, we can see a void of prices on the way to the trendline resistance and an imbalance of buys between the 1.3180 and 1.3205. A move higher to mitigate the price imbalance would align with the 50% mean reversion of the daily bearish impulse.
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