#USDCAD @ 1.35485 bulls could be on the verge of a rally through key 4-hour structure.
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- USD/CAD bulls could be on the verge of a rally through key 4-hour structure.
- Bulls eye a run to 1.3650 and then 1.3700.
As per the prior USD/CAD analysis, USD/CAD bulls eye a run towards 1.3700 as risk sentiment sours, bulls remain in the picture for a run towards 1.3700 in the near term so long as the following conditions are met:
USD/CAD had broken old trendline resistance and was expected to act as a counter-trendline for the bulls to lean against should there be a meanwhile and significant correction.
The trendline support was eyed ahead of 1.3570, 1.3550 and then the 38.2% Fibonacci at 1.3532 ahead of a 50% mean reversion near 1.3500:
The correction has played out.
The bulls are starting to engage at the start of the week and the 1.3520s could be key in this regard where the counter trendlñinme support meets horizontal structures as illustrated above.
On the lower time frames, we can identify key levels as illustrated above. In this regard, the bulls really need to get above the 4-hour 1.3580 structure and then 1.3650-70.
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