USD/CAD Price Analysis: Bears lurking in weekly resistance
|- USD/CAD bears could be about to move in from weekly resistance.
- The daily chart's harmonic pattern is bearish.
USD/CAD is reaching into a key resistance area and a correction could be imminent on the longer term charts as the following analysis will illustrate across the weelkly and daily charts.
USD/CAD weekly chart
The price has run into a weekly chart's resistance area and while there is every possibility that the rally will continue, the following will draw the bear's attention:
USD/CAD daily chart
The harmonic pattern is bearish and the price that is meeting resistance would be anticipated to turn lower in a correction that could see a 50% mean reversion play out that has a confluence with the prior resistance of November 2020.
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