USD/CAD Price Analysis: Bears taking over, eye the trendline support
- USD/CAD bears are making their moves in Asia.
- The bears look to the 38.2% Fibonacci and trendline support.
USD/CAD is on the front side of the trendline with a test of the prior resistance failing near the 1.3570s. Should the bears commit at this area of resistance, then a bearish correction could unfold along the lines of the following:
USD/CAD daily charts
The W-formation is compelling and could draw in the price towards the 38.2% Fibonacci if not deeper toward the neckline of the pattern.
The supporting trendline would be expected to hold initial tests and could potentially see the bulls emerge again considering the break out of the bullish falling wedge.
The 38.2% Fibonacci comes in around the 1.3480s and could be met in the coming sessions.