- USD/CAD bears are holding up the bullish advance.
- Eyes on 1.29 the figure prior to fresh higher highs.
USD/CAD is under pressure again despite the rise in the greenback. The technical picture is meanwhile bearish given the daily wick on Wednesday close and the prospects of a more thorough correction prior to the next significant rally and prospects of a fresh cycle high. The following illustrates this on the daily and hourly time frames:
USD/CAD daily chart
The surge in the greenback on Wednesday has sent the price higher for a bearish candle close and bearish wick. There is a high probability that the wick will be mitigated in the coming sessions which would mean a more purposeful move to the downside to targeting the prior daily highs near 1.29 the figure.
USD/CAD H1 chart
The hourly picture has price being resisted and a followthrough from the bears will need to take out the near term support in the 1.2950s. If, however, his were to hold the test of time, then the bulls could be encouraged to move in and cack the 1.30 figure again with sights on higher daily highs.
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