USD/CAD Price Analysis: Bears eye 1.3300 but bulls step in to test prior support

USD/CAd bears take over and eye the 1.3300 target.
A 50% mean reversion could be on the cards if the bears don't commit sooner.

Ross J Burland FXStreet

USD/CAD is under pressure following the US Consumer Price Index outcome and a rally in the oil price. As per the prior analysis, USD/CAD bears take out last month's low, but bulls could emerge, where the M-formation supported a meanwhile bullish thesis at the start of the week to pull in bulls only to shake them out for a mid-week setup, the price action has played out as follows:

USD/CAD prior analysis

The reversion pattern was eyed that was expected to draw in the price towards the anticipated resistance near 1.3470s:

Zoomed in...

USD/CAD update

A lot has gone on since the start of the week's analysis as follows:

The bears are in charge now and the 1.3350s guard a run to the 1.3300 target:

A 50% mean reversion could be on the cards if the bears don't commit sooner.

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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