#USDCAD @ 1.33132 bears on top below critical resistance.
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- USD/CAD bears on top below critical resistance.
- The bulls-eye a 50% mean reversion into the Fed.
USD/CAD is still under pressure on the front side of the bearish trendline as a quiet Asian session leaves the day ahead for where the action is bound to lie. The technicals are well entrenched for a breakout to the downside if the market gets what it’s looking for from the meeting.
The following illustrates a bearish outlook for the short term to 1.3150 based on the daily and 1-hour charts:
Zoomed in …
With the breakout failure, the bears remain in control.
The bulls could be seeking a move to test the commitments of the bears again following the failed breakout with the 50% mean reversion resistance eyed as the above chart illustrates.
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