Traders are waiting for the opening of the next week to determine the direction of their bias regarding USDCAD at a rate of 1.31809.
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- USD/CAD traders await the open next week to decide on the directional bias.
As per the prior analysis, USD/CAD Price Analysis: Bears are eyeing a continuation, but bulls seek to take over, USD/CAD has made its move to the upside as forecasted and the bulls are eating into the Fibonacci scale as the following will illustrate. In the near future, however, a downside continuation could be in store:
The market is bearish and is headed towards a price imbalance between the current lows and near 1.3050 on the downside. However, it was stated that 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 could 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 have aligned with the 50% mean reversion of the daily bearish impulse.
As shown, the price rallied into the imbalance and shot to test the 1.3220s. From here, a bearish continuation could be on the cards but the bulls remaining charge at this juncture and much will depend on next week’s opening balance. The upside remains vulnerable towards the trendline resistance.
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