USD/CAD Price Analysis: Bulls stay in control but a correction could be imminent

Bears eye a break of the support line and the horizontal structure around 1.3616.
Bulls eye a run into 1.3700 as the bullish building blocks stack up.

Ross J Burland FXStreet

As per the prior analysis, USD/CAD Price Analysis: Bulls are guarding critical support structures and eye 1.3700, the bulls remain in control and continue to eye a move higher as the following will illustrate.

USD/CAD prior analysis

´´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.´´

USD/CAD live updates

As seen, the market has rallied into the resistance area. A pullback into prior resistance could be on the cards where it meets the 1.3580s.

USD/CAD M15 chart

The market is still in an uptrend but a break of the support line and the horizontal structure around 1.3616 could be the signal that the market is headed lower.

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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