#USDCAD @ 1.35517 bulls are lurking at key support structures.
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- USD/CAD bulls are lurking at key support structures.
- The US dollar bulls could be about to move back in.
USD/CAD bears moved in following an initial spike on the back of the Bank of Canada, but as the less dovish hike’s implications began to sink in, the loonie firmed from a peak formation vs the greenback.
The US dollar is now at a crossroads as per the DXY chart below, but should the bulls hold onto the front side of the trendline, then that would be expected to fuel a bid back into USD/CAD, that has, after all, broken its hourly structure as the following analysis will show:
If the dollar recovers this week, with the European Central Bank on Thursday and US PCE Friday, then the downside in the CAD will be on play on the back side of H1 USD/CAD’s trendline:
The daily chart, above, could be on the verge of a correction…and the weekly chart’s M-formation is compelling from support:
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