- USD/CAD bulls tear through prior resistance with eyes on the 1.3580s.
- Bears are lurking, waiting to pounce on a correction.
USD/CAD is on the front side of the bullish trend and momentum is strong. At the time of writing, USD/CAD is trading higher by some 0.48% and rallied from a low of 1.3477, scoring a high of 1.3565 on the day. The pair is in the hands of the bulls put there are prospects of a correction for next week.
USD/CAD daily chart
USD/CAD H4 chart
USD/CAD is now making the case for a run to test the 1.3580s whereby the bulls have burst through prior resistance that is now potentially going to act as a support area.
USD/CAD W-formation
Meanwhile, we have a W-formation which is a reversion pattern that might be expected to pull the price back in toward the neckline.
This article was originally published by Fxstreet.com. Read the original article here.