USD/CAD Price Analysis: Bears are moving in and eye 1.2980s

USD/CAD bears move in at the start of the week leaving a reversion pattern in play on the daily chart.
The 1.2980s area is exposed as a key area in the bearish formation.

Ross J Burland FXStreet

USD/CAD has started out the week on the wrong foot exposing territories in a prior resistance area that would be expected to offer some support for the days ahead. The following illustrates the meanwhile bearish bias.

USD/CAD daily chart

The W-formation is a reversion pattern that leaves the neckline exposed near 1.2980. Below there, the 1.2920s guard 1.2895 formation lows.

USD/CAD H1 chart

USD/CAD is meeting a near 61.8% Fibonacci retracement of the hourly bearish impulse near 1.3100 the figure with prospects of a downside continuation in the near future that would mitigate the space between the prior highs and current lows.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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