USD/CAD Price Analysis: Bulls are guarding critical support structures and eye 1.3700

USD/CAD bulls could be on the verge of a rally through key 4-hour structure.
Bulls eye a run to 1.3650 and then 1.3700.

Ross J Burland FXStreet

As per the prior USD/CAD analysis, USD/CAD bulls eye a run towards 1.3700 as risk sentiment sours, bulls remain in the picture for a run towards 1.3700 in the near term so long as the following conditions are met:

The bulls need to stay committed to the counter-trendline support.
Bulls need to guard 1.3500.
Bulls need to get above 4-hour 1.3580 structure and then 1.3650-70.

USD/CAD prior analysis

USD/CAD had broken old trendline resistance and was expected to act as a counter-trendline for the bulls to lean against should there be a meanwhile and significant correction.

The trendline support was eyed ahead of 1.3570, 1.3550 and then the 38.2% Fibonacci at 1.3532 ahead of a 50% mean reversion near 1.3500:

USD/CAD live updates

The correction has played out.

The bulls are starting to engage at the start of the week and the 1.3520s could be key in this regard where the counter trendlñinme support meets horizontal structures as illustrated above.

USD/CAD H4 chart

On the lower time frames, we can identify key levels as illustrated above. In this regard, the bulls really need to get above the 4-hour 1.3580 structure and then 1.3650-70.

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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