USD/CAD Price Analysis: Bears stepping in a daily resistance

USD/CAD is on the verge of a 38.2% Fibonacci correciton.
Bulls are looking for a discount as the market remains risk-off bias.

Ross J Burland FXStreet

USD/CAD has been in the hands of the bulls in a sharp recovery in the US dollar. The market's risk profile is something that is weighing on both the commodities sector, especially oil, and the Canadian dollar.

However, the following is an analysis of the daily and hourly charts that arrived at a meanwhile bearish conclusion as the price deteriorates in daily resistance.

USD/CAD daily chart

The daily chart is showing the price had retraced 50% of the prior bullish impose in a correction and then continued to print a higher high. It has run int a wall of resistance and would be expected to pull back on the lower time frames before extending higher.

USD/CAD hourly chart

The price could be on the verge of a 38.2% Fibonacci retracement which meets the 1.2780s which can be a focus for the sessions ahead.

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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