USD/CAD Price Analysis: Bears seek a break of key support while on front side of bear trend

USD/CAD bears on top below critical resistance.
The bulls eye a 50% mean reversion into the Fed.

Ross J Burland FXStreet

USD/CAD is still under pressure on the front side of the bearish trendline as a quiet Asian session leaves the day ahead for where the action is bound to lie. The technicals are well entrenched for a breakout to the downside if the market gets what it's looking for from the meeting.

The following illustrates a bearish outlook for the short term to 1.3150 based on the daily and 1-hour charts:

USD/CAD daily charts

Zoomed in ...

With the breakout failure, the bears remain in control.

USD/CAD H1 chart

The bulls could be seeking a move to test the commitments of the bears again following the failed breakout with the 50% mean reversion resistance eyed as the above chart illustrates.

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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