- USD/CAD bears seek a break of the 4H 61.8% ratio to the downside.
- Bulls eye an extension towards 1.3000.
As per the prior analysis, USD/CAD Price Analysis: Bulls could be about to clean up, and USD/CAD Price Analysis: Bulls seeking a break of 1.2790/00, whereby it stated that ”a resurgence in the greenback would be expected to see USD/CAD rally in due course, the price indeed moved higher as follows:
The following is an update of the prior analysis:
As illustrated, the price has rallied as anticipated but the bulls broke the neckline of the M-formation which sets up a bullish bias on the chart as shown above.
USD/CAD H4 chart
A break of the 61.8% ratio to the downside would be a significant move but while it holds, the bias is to the upside as per the chart above.
This article was originally published by Fxstreet.com. Read the original article here.