- USD/CAD bulls eye the 1.2780's for the days ahead.
- The bulls are back in control within the daily sideways channel.
USD/CAD has been thrown left right and centre on the day in the aftermath of the US inflation data. In the prior day's analysis, USD/CAD Price Analysis: Bulls are moving in at critical H1 support, and
USD/CAD bulls correcting to the 38.2% Fibo, traders are in anticipation of US CPI, the price had found stability in the hourly lows but it has carved out a lower low as follows:
The spike lower would have cleared out some of the stale sell stops below the daily support which has resulted in a renewed bullish impulse on the daily chart as follows:
The buyers picked up a bargain below the lows and added length back into the structure to take out the prior hourly resistance. This has resulted in a break of daily highs with eyes on the 1.2780's and the Feb highs for the days ahead.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.