#USDCAD @ 1.34352 bulls 38.2% ratio as first stop.
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- USD/CAD bulls 38.2% ratio as first stop.
- Beyond daily resistance, bulls eye the1.3560s.
USD/CAD is been in the hands of the bulls at the start of the week while the yield on benchmark government debt climbed and despite a surprise in the US economic data front. Nevertheless, the technical outlook remains bullish as for the following analysis:
The market swept the equal lows and subsequently, bulls moved in at a discount at the end of the three-day drop. This has occurred while an M-formation has been left on the charts. The bulls look to the Fibonacci scale whereby the 38.2% ratio meets with the prior structure and offers a compelling target for the bulls.
On the hourly chart, The price is sideways and bulls need to get above 1.3460 to break the resistance structure. In doing so, there are prospects of a move all the way through the 38.2% ratio into the 1.3560s.
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